Bitcoin, Ethereum, and XRP rise sharply today on institutional buying despite poor retail demand. Bitcoin is at $94,764.73 after gaining 0.62%, while Ethereum rises 0.28% to $1,806.00. XRP has the largest gain, up 7.6% to $2.34.
The trading volume of Bitcoin rose to $19.63 billion, sending its market cap to $1.87 trillion. Ethereum’s market cap reached $217.37 billion with $11.42 billion in volume. XRP’s price surge sent its 24-hour volume to $4.17 billion. Other top altcoins also moved up. Binance Coin (BNB) went up 1.17% to $606.20, while Solana (SOL) increased by 2.7% to $150.74.
Institutional Buying Fuels Bitcoin Rally
Bitwise CEO Hunter Horsley pointed out the recent Bitcoin rally was fueled by institutional investors, not retail traders. Google search trends for “Bitcoin” are still at long-term lows even as the asset has reached above $94,000, indicating lower retail activity. Horsley pointed out that advisors, corporations, and even countries are now actively purchasing Bitcoin.
Meanwhile, whale holding is increasing. Since January, wallets with more than 1,000 BTC increased by close to 100, which sustains the thesis that advanced investors control the market.
Bitcoin Targets Important Resistance of $95,761
The price of Bitcoin floats around $94,401, just beneath the important $95,761 threshold. To break above $95,761 might propel Bitcoin to $100,000. Yet, the inability to hold above $93,625 may send Bitcoin crashing to $89,800.
Sentiment on the social level also demonstrates enormous greed, provoking concerns for a potential near-term top. The Profit/Loss ratio is close to the neutral 1.0 reading, indicating that the market stands at a precarious tipping point between additional growth and profit-taking.
