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Bitcoin (BTC) has soared past $99,000 for the first time in its history, marking a new all-time high after witnessing a 4.40% surge in value, according to the data from CoinMarketCap. This milestone reinforces growing optimism around the leading cryptocurrency, bolstered by increased corporate interest and strengthened mining activity globally.

Mining Activity Reaches Peak Levels

Crypto analyst "Crypto Dan" noted that Bitcoin's hashrate has also hit an all-time high, reflecting intensified mining operations. According to Dan, the sector experienced a decline in hashrate following the April 2024 halving event, which was later reversed as mining rigs were upgraded and replaced. 

By July, mining activity began to rise, particularly in the United States. Dan highlighted the influence of recent political developments, including the strengthening position of Bitcoin under policies tied to the Trump administration, as a key driver of the U.S.-led mining boom.

Corporate Interest Drives Capital Inflows

QCP Capital attributed Bitcoin’s recent rally to heightened corporate activity and capital inflows into the asset. The trading firm highlighted several key developments fueling the surge:

MicroStrategy’s Continued Bitcoin Purchases: The business intelligence firm is expected to raise $2.6 billion to acquire additional Bitcoin. MicroStrategy’s market cap has surpassed $100 billion, with its stock topping US trading volumes last night.

Growing Corporate Adoption: Companies like Acurx Pharmaceuticals have reportedly added Bitcoin to their reserves, with Acurx making a $1 million investment.

ETF Inflows Strengthen BTC Support

BTC spot exchange-traded funds (ETFs) have also contributed significantly to Bitcoin's price momentum, extending their winning streak to three consecutive days. During this period, ETFs recorded $1.84 billion in net inflows, with US-based ETFs accounting for a cumulative $29.4 billion in capital this year.

QCP Capital further observed aggressive demand for Bitcoin options with March and June expirations, signalling sustained bullish sentiment among institutional investors.

Looking Ahead

As Bitcoin firmly holds above $97,000, the $100,000 milestone appears increasingly within reach. Analysts suggest that the cryptocurrency’s price will likely remain supported by robust demand and ongoing easing of global monetary policy as the year concludes.