Hassan Maishera
TL;DR
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Bitcoin touched the $29k level briefly during the early hours of Wednesday as institutional interest in the crypto market continues to grow.
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Institutional investors, including Fidelity, BlackRock, and Schwab, have registered their interest in the market in recent days.
Bitcoin Tops $29k Amidst Institutional Interest
Bitcoin, the world’s largest cryptocurrency by market cap, saw its highest daily rally so far this month. The cryptocurrency rose by more than 7% over the last 24 hours to briefly touch the $29k level for the first time in months.
The rally comes as institutional investors renewed their interest in the crypto market. Earlier this week, BlackRock, the world’s leading asset management firm with more than $10 trillion in assets under management, filed with the SEC to launch a Bitcoin exchange-traded fund (ETF).
The move was followed by the launch of a cryptocurrency exchange backed by Fidelity, Schwab and Citadel. There are rumors that Fidelity is also set to apply to launch a spot Bitcoin ETF.
The rising interest by institutional investors has seen Bitcoin and the broader cryptocurrency market record massive rally.
Bitcoin is currently trading just below the $29k in the near term and could be heading towards the $30k psychological level in the near term.
At press time, the total cryptocurrency market cap stands at $1.13 trillion, up by more than 4% in the last 24 hours.
Bitcoin’s market share has been increasing since the start of the year, and its dominance is close to the 50% mark. This indicates that some investors are pulling away their funds from altcoins and transferring them to Bitcoin.
