Bitcoin surpasses $100,00 for the second time, marking a 37% surge in a month

Bitcoin has crossed the psychological barrier of $100,00 on the back of a wave of global trade optimism and growing institutional adoption.

Bitcoin has once again crossed the psychological barrier of $100,000. The cryptocurrency's price jumped 4% in the past 24 hours, trading at around $102,900, according to CoinMarketCap.

This comes amid a wave of global trade optimism and growing institutional adoption.

In the last five days, Bitcoin's price has increased nearly 9%, whereas, in the last month, its value skyrocketed a whopping 37%.

Bitcoin's market cap surpasses $2 trillion

With its market cap going over $2 trillion, Bitcoin has now become the world's fifth-largest asset, even beating Amazon.

CoinSwitch co-founder Ashish Singhal credited this strong recovery to a global convergence of policy shifts and institutional confidence.

He also noted that macroeconomic tailwinds have greatly benefited Bitcoin as a digital risk asset.

"This recovery is a testament to the enduring demand and belief in Bitcoin as a store of value and an inflation hedge in a persistently uncertain macroeconomic environment," Singhal said.

Further, Singhal added that institutional adoption via Bitcoin ETFs has brought unprecedented credibility and demand to the ecosystem.

He highlighted the importance of the US government's decision to create a Strategic Bitcoin Reserve earlier this year, considering it a historic sign of digital assets being adopted at a sovereign level.

CIFDAQ founder and Chairman Himanshu Maradiya thinks this surge marks the second leg of a wider bullish rally.

"The first leg began in December 2022, when Bitcoin dropped to lows of around $15,500. From there, it rallied to highs of $70,000 in March 2023," Maradiya said.

He added that the second leg of the rally started in May 2023 with a steeper move and lower lows.

"We expect this leg of the rally to take Bitcoin to new all-time highs of $150,000."

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