Bitcoin Surges to $78k Amid Growing Institutional Demand

Bitcoin has reached an all-time high of $78,005, with its dominance increasing due to growing institutional demand. According to data from crypto exchanges, the world's largest digital asset has seen a significant surge in price over the last 24 hours.

The move is largely attributed to Shark Tank investor Kevin O'Leary, who has announced that he has exited all altcoin positions and now holds a portfolio that is 90% concentrated in Bitcoin and Ethereum. This decision signals a risk-off rotation by a high-profile allocator during market uncertainty, with over 97% of his historical crypto returns able to be replicated by a 50/50 split between BTC and ETH.

O'Leary's team analysis found that the majority of his past returns were generated from these two assets, highlighting their liquidity and proven network effects. As a result, this move reinforces capital flows toward market leaders like Bitcoin at the expense of smaller, riskier tokens.