Crypto Market Surges 3 Days Straight Institutional Interest Drives Bitcoin to $122,273

The crypto market has been on a steady rise for the third consecutive day, with 98 out of the top 100 coins by market capitalization showing appreciation over the past 24 hours. This upward trend is driven by significant institutional interest and favorable regulatory developments globally. Notably, the US House of Representatives is reviewing three major crypto bills during 'Crypto Week,' which began today. This legislative focus is expected to provide clarity and potentially boost market confidence.

Bitcoin (BTC) has been a standout performer, surpassing the $120,000 mark and reaching a new all-time high of $122,273. This surge has positioned Bitcoin's creator, Satoshi Nakamoto, as the 11th richest person globally. Ethereum (ETH) has also seen substantial gains, moving above the $3,000 mark and currently trading at $3,028. Other top performers include XRP, which is up 5.3%, and Dogecoin, which has appreciated by 4.3%.

The market sentiment, as indicated by the Fear and Greed Index, has climbed into the greed zone, reaching 70, the highest level in over a month. This signals potential overconfidence and inflated prices, cautioning investors to remain vigilant. The positive market sentiment is further supported by significant inflows into US BTC and ETH spot ETFs, with BlackRock leading the way in both categories.

Institutional players continue to show strong conviction in the crypto market. Metaplanet, one of the top five corporate Bitcoin holders, recently acquired an additional 797 Bitcoin for approximately $93.6 million. SharpLink Gaming has also increased its Ethereum holdings with a fresh acquisition valued at nearly $49 million. These moves underscore the growing institutional interest and long-term commitment to the crypto market.

Analysts and traders are now looking at key levels for Bitcoin, with the $125,000 mark being a near-term target. Some experts predict that Bitcoin could reach between $130,000 and $150,000 by the end of the year, although they caution that a US stock market correction could temporarily impact the crypto market. The overall sentiment remains bullish, with analysts arguing that the rally is sustainable and that the bull market will continue, despite potential short-term pullbacks and corrections.