BTC Touches $110k as BlackRock’s Spot Bitcoin ETF Becomes Fastest to Hit $70B

TL;DR

• Bitcoin briefly touched the $110k mark on Monday before slightly retracing to $109,400.

• The rally comes as BlackRock’s spot Bitcoin ETF becomes the fastest to hit $70 billion, surpassing gold's previous record.

BTC Reclaims $110k Amid Growing Adoption

The cryptocurrency market began the week positively, with Bitcoin adding nearly 4% to its value. The surge saw Bitcoin’s price hit the $110k mark as it looks to test the all-time high price of $111k. 

BTC has slightly retraced and now trades above $109,400 per coin. The positive performance comes amid growing institutional adoption. BlackRock’s IBIT fund passed $70 billion in 341 days, making it the fastest ETF to do so.

According to the numbers, IBIT achieved this feat five times faster than the former record holder GLD, a gold-based ETF that hit $70 billion in 1,691 days.

Despite the rally, some analysts remain cautious about BTC’s short-term price action. Sergei Gorev, Head of Risk at YouHodler, told Cryptowisser that BTC’s price might undergo a correction soon. He stated that

"BTC quotes are currently in a state of uncertainty. On the one hand, many global traders are gradually withdrawing from the US currency and shifting to more risky assets, including cryptocurrencies. This has a positive effect on the BTC exchange rate. On the other hand, the price on the BTC chart is behaving extremely erratically, and there is currently a possibility of a local price hike. There is a" Head and Shoulders" picture, which, when implemented in its scenario, can lead to a correction in the price of BTC to the level of $92,000 per 1 BTC."

Altcoins Rally Higher

Bitcoin’s rally also saw altcoins record higher prices. Ether, the second-largest cryptocurrency by market cap, added 7% to its value in the last 24 hours and now trades above $2,600 per coin.

Hyperliquid’s $HYPE continues its excellent gains, up 11%. It is now the 11th-largest cryptocurrency by market cap, surpassing SUI. Thanks to the recent rally, the total cryptocurrency market cap now stands at $3.41 trillion.