Bitcoin, the leading cryptocurrency, surged to an intraday high of $99,434 on the Coinbase exchange.
BTC/USD via TradingView
The flagship coin has hit its highest level since Feb. 21, and it is now within striking distance of hitting the $100,000 level for the first time since Feb. 7.
The recent bullish momentum comes after BlackRock's iShares Bitcoin Trust ETF (IBIT) recorded 17 consecutive days of inflows. The product has attracted $5 billion in fresh money within just weeks, indicating robust institutional demand. As reported by U.Today, Brown University became the first Ivy League school to disclose an IBIT position last week.
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Bitwise CEO Hunter Horsley has noted that Bitcoin is attracting little Google search interest despite the recent price rally. This means that retail investors remain on the sidelines of the ongoing price surge.
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The lack of retail demand can also be confirmed by the anemic performance of alternative cryptocurrencies. As reported by U.Today, Bitcoin dominance is also reaching new multi-year peaks, steadily approaching the 70% level. The cryptocurrency's market cap is now on the cusp of hitting $2 trillion. It is also on the verge of surpassing retail behemoth Amazon.
Earlier this week, two states (New Hampshire and Arizona) signed strategic Bitcoin reserve bills (SBR) into law. Plenty of other U.S. states are considering similar bills.
It remains to be seen whether this bullish momentum will be sufficient to push Bitcoin to a new record high later this month despite tepid retail demand. The bellwether cryptocurrency reached its current peak of $108,786 on Jan. 20.
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