Bitcoin Surges Past $79,000, Volume Soars as Institutional Interest Shifts
Bitcoin (BTC) has broken through the $79,000 barrier for the first time in 11 weeks, achieving a price of $79,321 on Wednesday. This represents a 3.8% gain in the 24-hour window, with CoinGecko data showing a total market cap above $1.57 trillion for BTC alone.
The surge in price is accompanied by increased trading volume, with approximately $51.9 billion traded in the same period. The break above the $78,000 resistance level had been a challenge for Bitcoin in recent weeks.
BTC posted gains against major fiat currencies such as the euro, yen, and pound during this time frame. Investor sentiment also appears to be shifting, with Kevin O'Leary narrowing his crypto portfolio to just Bitcoin and Ethereum (ETH) due to concerns about institutional durability in alternative tokens.