Analysts are pointing to demand from financial institutions and publicly listed companies as the primary forces behind Bitcoin’s (BTC) sudden retest of its all-time highs.

“The primary reason for the steady grind up in Bitcon has been the increased interest and aggressive buying activity from institutions,” said Nick Cote of gamified trading platform Hxro Labs. “A lot of investors are going through Grayscale.”

Rising institutional demand can be seen in heavy accumulation by Grayscale’s Bitcoin Trust, with the fund’s BTC holdings exceeding 500,000 earlier this month.

NEM head of trading Nicholas Pelecanos agreed, stating that Bitcoin’s fundamentals are now stronger than ever before, pointing to post-halving supply dynamics, a rise in institutional adoption, and a number of “publicly listed U.S. companies moving 10% of their balance sheet into the asset.”

Pelecanos is now looking to a rise in the altcoin markets, stating, “BTC is back at its all-time high levels, but what is worth noting is the valuation of the altcoins which are on average still 50% below their all-time highs.”

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