NEW YORK / GLOBAL: The cryptocurrency market witnessed a major surge on Thursday as Bitcoin soared past the $121,000 mark, leading a widespread rally across digital assets. The upswing comes amid heavy inflows into U.S. spot Bitcoin Exchange-Traded Funds (ETFs), with investors pouring in over $600 million in a single day, underscoring growing institutional appetite for crypto despite ongoing global economic and political uncertainties.
According to market data, Bitcoin touched fresh highs before facing slight pullbacks, but analysts maintain that the trend remains bullish with renewed investor confidence. BNB also recorded a historic breakthrough, surpassing the $1,000 milestone, while Ethereum climbed near $4,400, reflecting the strong demand for staking and network growth. Altcoins including Solana and several meme tokens joined the rally, pushing overall market sentiment higher.
Experts point to three key drivers behind the market boom: institutional adoption through ETF channels, growing expectations of a U.S. interest rate cut following weaker private-sector job data, and a rising perception of Bitcoin as a safe-haven asset akin to digital gold during political uncertainty in Washington. The Altcoin Season Index also rose to 66, signaling shifting capital flows toward mid-tier and emerging crypto projects.
Despite the excitement, market observers caution that volatility risks remain elevated, with potential corrective swings likely if regulatory or macroeconomic conditions change. However, for now, the surge has strengthened optimism that cryptocurrencies are entering another strong cycle of adoption and growth.
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