Bitcoin BTC/USD Has Surged Beyond the $105,000 Mark, Setting Off a $250 Billion Rally in the Wider Cryptocurrency Market.

On Sunday, Bitcoin's climb to $105,424.45 has pushed its market value over $2.05 trillion and significantly lifted altcoin prices.

Bitcoin BTC/USD price surged past the $105,000 mark on Sunday, sparking a $250 billion rally in the broader cryptocurrency market.

Bitcoin's climb to $105,424.45 pushed its market value above $2.05 trillion and significantly increased altcoin prices.

This surge follows a mix of inflation data, increased confidence regarding interest rate cuts, and significant fund inflows from both retail and institutional investors.

The rise in Bitcoin's price, a 37.5% increase from its April low of less than $75,000, is driven by a combination of strong technical breakouts and positive macro conditions.

Open interest in Bitcoin futures has reached a record high of over $36 billion, indicating growing trader conviction.

The broader crypto market is benefitting from Bitcoin's surge, with total capitalization exceeding $2.65 trillion—an increase of over $250 billion in just five trading days.

Bitcoin's dominance is now over 53.2%, its highest in more than three years, as capital continues to shift into large-cap digital assets amid increasing regulatory clarity in major markets.

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Several macroeconomic and market catalysts are contributing to Bitcoin's parabolic move. These converging factors seem to have set the stage for Bitcoin's current breakout and may continue to support price appreciation in the short to medium term.

While Bitcoin is grabbing headlines, altcoins are also making a comeback. Ethereum ETH/USD price jumped 12% in 24 hours, breaking over a key resistance at $6,000.

Analysts are monitoring the $110,000-$115,000 area as the next main barrier and they believe Bitcoin's breach over $105K could open the door for more upside.

The present increase could still have legs given ETF inflows are ongoing and macro conditions remain good; particularly, if Ethereum ETFs become approved in the coming weeks.

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