Bitcoin reached an unprecedented high of $109,424 on Tuesday, according to market data tracking services.
The worlds largest cryptocurrency continues its remarkable upward trajectory, gaining over 24% in the past month alone.This surge propelled Bitcoin past Amazon to become the fifth largest asset globally by market value.
The digital currency now boasts a market capitalization of approximately $2.16 trillion, placing it in the elite company of Apple, Microsoft, Saudi Aramco, and Alphabet.Mainstream adoption drives much of this growth.
Nearly 50 million Americans now own or trade cryptocurrency, representing a significant shift in public perception.
This widespread acceptance comes alongside major institutional backing that was unthinkable just years ago.JPMorgan, managing $4 trillion in assets, recently reversed its long-standing opposition to cryptocurrency.
The banking giant now allows clients to purchase Bitcoin through ETFs despite CEO Jamie Dimons personal skepticism.Dimon famously compared Bitcoin to his stance on smoking: he doesnt recommend it but defends peoples right to buy it.
Government interest further fuels Bitcoins rise.Bitcoin Shatters Records, Hits $109,424 as Institutional Money Flows In.
(Photo Internet reproduction)The United States announced plans to establish a strategic Bitcoin reserve, starting with cryptocurrency assets already seized through criminal and civil forfeitures.
Several states have similar legislation pending.The cryptocurrency recovered impressively from an April slump when prices fell to around $76,000.
Market analysts attribute this recovery to diminishing concerns about global trade tensions and optimistic outlooks regarding crypto-friendly policies.Technical indicators support this bullish trend.
Bitcoin broke through its 21-day Exponential Moving Average, establishing $102,790 as a strong support level.
This pattern resembles the market structure seen before the 2021 bull run.Looking ahead, experts project continued growth.
Standard Chartered forecasts Bitcoin could reach $500,000 before 2029, driven by institutional exposure and sovereign backing.
The cryptocurrencys limited supply of 21 million units adds to its appeal as a store of value.Shares of crypto-related companies have risen alongside Bitcoin.
Strategy (formerly MicroStrategy), Coinbase Global, MARA Holdings, and Riot Platforms all posted gains this week, reflecting the broader market optimism surrounding digital assets.