Bitcoin prices attained their latest all-time high this evening when they climbed to $95,000 for the first time ever.
The world's most prominent digital currency, which has been enjoying some very compelling upside in recent weeks, rose to $95,000.20, according to Coinbase data from TradingView.
The cryptocurrency has notched a series of fresh records recently as it benefits from very strong momentum and a wide range of bullish factors.
Several analysts commented on the digital asset's strength as of late, as well as developments that have helped fuel its aggressive gains.
"It seems that almost every day Bitcoin makes a new all time high!" the TikTok influencer who goes by Wendy O said via emailed comments.
"There are rumors circulating that Bitcoins latest push could be due to 1) Bitcoin ETFs recording over $1 billion inflows in 48 hours with ARKS ARKB leading the way with $267.3 million in inflows and 2)BlackRock Bitcoin ETF options launching with $1.9 Billion dollars traded on it's first day!" she stated in reference to today's upward movement.
The market observer emphasized the strong inflows enjoyed by bitcoin exchange-traded funds and the significant interest in options contracts based on BlackRock's iShares Bitcoin Trust ETF, which trades under the ticker symbol IBIT.
Interestingly enough, the total bitcoin held by U.S. bitcoin ETFs recently surpassed 1 million units, according to figures that CryptoQuant analyst Julio Moreno supplied via Telegram chat.
The chart below illustrates this milestone:
One analyst emphasized how intense demand for bitcoin is right now as the digital currency benefits from a very compelling combination of bullish factors.
"Bitcoin's climb to $95,000 feels like humanity finally boarding a lifeboat while the legacy financial system's Titanic takes on water," Cory Klippsten, CEO of Swan Bitcoin, said via emailed comments.
"Persistent inflation, fiat instability, and a lack of trust in central banks are driving both individuals and institutions toward Bitcoin as the ultimate store of value," he added.
"Today's surge likely stems from a perfect storm: rising demand, a supply crunch, and unwavering conviction from long-term holders."
One market observer spoke to just how bright bitcoin's future seems to be.
George Kailas, CEO of Prospero.ai, spoke to the digital currency's current situation, emphasizing that "Typically you have at least some reasonable Bull and Bear case on anything."
"For example we have followed COIN through BTC to profit heavily off the 'Trump trade' the other stock we targeted before the election was Tesla," he noted.
"We said it would move around full self driving and sure enough it did around positive news this week. But you see things like this questioning the viability of FSD."
"There is some Bear case that is being made," stressed Kailas.
"I don't see a Bear case over the next 4 years right now for BTC so that is invariably going to create an environment where more and more major players jump on that bandwagon because it is glaring them in the face."