The internet is abuzz after the price of Bitcoin (BTC) topped $113,000 on July 10, hitting an all-time high in the process.
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The largest cryptocurrency by market capitalization is up 2% on the day and trading at a record high of $113,453.90. Bitcoin’s rally to an all-time high comes a day after Nvidia (NVDA) achieved a $4 trillion market capitalization, becoming the first publicly traded company to reach that milestone.
Cryptocurrencies tend to move in tandem with growth stocks such as chipmaker Nvidia and other mega-cap technology names. This is one reason why analysts and investors remain bullish on BTC and its growth trajectory. Charts indicate bullish momentum behind Bitcoin and a growing number of options traders are betting on more upside ahead for the crypto.
To the Moon?
Many analysts say that Bitcoin is benefitting from strong buying on the part of both individual retail investors and institutional investors, particularly banks and other financial players. More than a dozen exchange-traded funds that track the spot price of BTC also continue to see record inflows and have nearly $200 billion of assets under management (AUM).
Supportive regulations and legislation are also providing a tailwind to cryptocurrencies, with a highly anticipated stablecoin bill now before Congress and the U.S. Securities and Exchange Commission (SEC) easing up on its scrutiny and crackdown of crypto companies. It all adds up to a positive environment that should keep sentiment towards Bitcoin bullish in the near-term, say analysts.
BTC’s price has now risen 21% this year.
Is BTC a Buy?
Most Wall Street firms don’t offer ratings or price targets on cryptocurrencies such as Bitcoin, so we’ll look instead at its three-month performance. As one can see in the chart below, the price of BTC has risen 34.22% in the last 12 weeks.
