Bitcoin Nears Record High as Bakkt Stock Soars

Bitcoin is back in the spotlight. The world’s largest cryptocurrency surged more than 3% on Friday, climbing to around $123,944 — its strongest level in months and just shy of its all-time high.

The rally comes amid a wave of bullish sentiment across the digital asset market. Ethereum, Solana, and XRP all moved higher alongside Bitcoin, signaling renewed confidence among traders.

Institutional Firepower Behind the Rally

Much of the momentum is being attributed to institutional inflows. Crypto infrastructure firm Bakkt saw its stock price skyrocket nearly 150% in a single session, a sign that investors are betting on deeper mainstream adoption.

Meanwhile, hedge funds are reopening with fresh capital earmarked for Bitcoin, with some reportedly raising over $200 million for dedicated crypto strategies. This institutional participation has helped restore confidence at a time when macroeconomic uncertainty — including concerns about U.S. fiscal policy and a potential government shutdown — is weighing on traditional markets.

Altcoins Catch the Wave

The rally wasn’t limited to Bitcoin. Ethereum rose on the back of higher DeFi activity, while Solana continued its strong performance amid growing developer interest in its ecosystem. XRP also joined the surge, adding to the sense of a broad-based upswing across the sector.

Analysts suggest this synchronized move may reflect renewed risk appetite, with traders rotating back into crypto after months of cautious sentiment.

Why It Matters

The surge underscores a narrative that crypto markets are maturing beyond speculative hype. With traditional institutions stepping in and corporate players like Bakkt gaining momentum, the market appears to be entering a phase of measured optimism.

Still, volatility remains the name of the game. A move past Bitcoin’s record high could draw even more capital, but any sudden shift in macro conditions — from rate policy to regulatory announcements — could quickly change the picture.

Bottom Line: Bitcoin’s approach to record territory, coupled with Bakkt’s stock explosion and a synchronized altcoin rally, shows a market finding its footing again. For now, crypto is back on the offensive — and Wall Street is paying attention.

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