Crypto Market Update: Bitcoin Remains Below $110,000 as Altcoins Lead the Charge

By James Van Straten (All times ET unless indicated otherwise) The largest cryptocurrency by market capitalization, Bitcoin, is currently trading just below the $110,000 threshold, having gained 2% over the past 24 hours. However, it is underperforming compared to the broader market, with the CoinDesk 20 Index rising by 3.4% and Ether increasing by over 6% according to CoinDesk data. The number of publicly listed companies holding Bitcoin as a treasury asset has increased to 126, representing a growth of 22 in just 30 days, and collectively owning approximately 819,000 BTC. Analysis by Matthew Sigel, head of digital assets research at VanEck, highlights the significant institutional investment in Bitcoin, with the combined capital-raising potential of key companies amounting to $76 billion. This represents 56% of the assets under management of all Bitcoin ETFs and 169% of the total net inflows into these ETFs over the past 16 months. BlackRock's iShares Bitcoin Trust has become the fastest fund to surpass $70 billion in assets under management, achieving this milestone in just 341 days. Meanwhile, a recent note from QCP Capital pointed to one-year lows in implied volatility and a pattern of subdued price action, noting that Bitcoin has been stuck in a tight range as mid-year approaches. A break below $100,000 or above $110,000 is needed to reawaken broader market interest. The upcoming U.S. CPI release on Wednesday and any news from the U.S.-China trade talks in London may provide a stronger direction for the market.