Bitcoin price prediction has been successful, and other cryptocurrencies were climbing on Friday as the surge fueled by institutional interest in the sector continued.
Over the last 24 hours, Bitcoin has increased 2.8% to $30,979. Previously, the largest cryptocurrency traded above $31,000. According to Dow Jones Market Data, the last time Bitcoin traded above $31,000 was on June 8, 2022.
This week has seen a surge in buying interest in Bitcoin following a flurry of news about institutional interest in cryptocurrencies, such as the launch of a new crypto exchange backed by Wall Street firms and applications from BlackRock (BLK) and other firms to launch exchange-traded funds that would own the digital currency.
J.P. Morgan analysts wrote in a research note that if BlackRock or other firms succeed in their pursuit of a spot Bitcoin ETF, it may increase competition for spot Bitcoin ETFs, incentivize firms to create other spot-crypto ETFs, and/or pave the way for other crypto productions that incorporate traditional financial instruments.
Beyond Bitcoin price prediction, Ether – the second-largest cryptocurrency — has performed well, climbing 1% to $1,908. Cardano and Polygon, two smaller cryptos, also rose in value. Dogecoin gained 1.7%.