• Bitcoin has topped $31,000 for the second time this year, with analysts forecasting a greater push if institutional investors keep up.
• As Tradfi players launch exchanges and ETFs, the digital asset sector surges again.
• BTC lifts the market as cryptocurrencies recover from the SEC raid on Binance and Coinbase.

ALSO READ:Unique Features, Ongoing Lawsuit, And Future Price Prediction

As anticipated by advocates at the beginning of the year, institutional investors have triggered a new market bull run. How long will Wall Street's desire for what they call "digital gold" last?

ALSO READ:OKX Crypto Exchange Is Granted A Preparatory License In Dubai

Bitcoin (BTC) has reached a new benchmark this month, surpassing the $30,000 mark for the second time this year. The last time BTC was at $30,000 was in April, and it has since endured a difficult stretch as a result of the Securities and Exchange Commission's (SEC) strict regulation, which has led to a surge in outflows.

The market leader's gloomy days appear to be behind it, as recent victories have erased its losses. On Wednesday, BTC surpassed $28,000, a price threshold it had not reached since May and which it had been approaching. The market leader has surpassed $30,000 after a 16.5% increase in the past week and a 7% increase in the last 24 hours.

ALSO READ:Binance Leaves Canada After Crypto Regulations

At press time, BTC was trading at $31,117, with analysts predicting that its continued strength will allow it to reclaim more than fifty percent of the market capitalization. BTC was valued at $16,615 at the beginning of the year, but has gained over 80% in the past six months. Additionally, altcoins such as Ethereum (ETH) and Cardano have risen 5.67% and 6.87%, respectively.

Tradfi goes famished, BTC goes up

The rise of the market has been aided by traditional finance, with numerous companies investing in a variety of products. BlackRock, the largest asset manager, filed for a Bitcoin exchange-traded fund (ETF), a move that the SEC has consistently rejected from previous applicants.