In a robust resurgence, Bitcoin (BTC) has soared to a monthly peak, amid a widespread IT disruption affecting global systems. As BTC ascended from $64,000 during early U.S. trading hours, it surged past $67,000, marking its highest value since June 17. This rally was bolstered by substantial trading volumes for BlackRock’s spot bitcoin ETF (IBIT). At the time of reporting, BTC hovered just above $67,000, reflecting a 5.5% increase over the past 24 hours.

Solana (SOL) spearheaded the altcoin market with an impressive 8.5% gain, surpassing $170 for the first time since early June. SOL’s performance outshined the broad-based digital asset benchmark, CoinDesk 20 Index (CD20), which itself climbed by 4.3%.

Meanwhile, Ethereum’s ether (ETH) recaptured the $3,500 threshold, albeit with a more modest 3% rise. Anticipation builds as the first spot-based ETH exchange-traded funds (ETFs) in the U.S. are slated to commence trading next Tuesday, according to Friday’s regulatory filings by Cboe.

Read more: Bitcoin ETF Inflows Surge to Six-Week High of $422.5M

Earlier this week, cryptocurrencies experienced a downturn, mirroring a sell-off in U.S. stocks. However, Friday’s crypto rally unfolded even as major equity indexes continued their descent. The Nasdaq Composite dipped by 0.8%, while the S&P 500 fell by 0.6%. Concurrently, gold, which had hit an all-time high earlier in the week, plummeted by over 2%.

The rally coincided with a global IT outage triggered by a software update from cybersecurity service provider CrowdStrike, which disrupted operations across airlines, banks, and businesses. This incident highlighted the resilience of decentralized systems like public blockchains compared to their centralized counterparts.

Charles Edwards, founder of Capriole Investments, noted the timing of Bitcoin’s rapid surge with the opening of the U.S. traditional market, suggesting possible institutional investment. “Did some institution just wake up and decide Bitcoin is a safe haven decentralized store of value as global tech and banking systems fail from Microsoft’s blue screen of death?” he speculated on X.

Bitcoin Targets $100,000 by Year-End

From a broader perspective, Bitcoin is currently trading within the midpoint of a multi-month range between $56,000 and $73,000. Although spot prices may remain range-bound in the near term, traders are increasingly positioning for a breakout to new all-time highs as the U.S. elections approach in November. Analysts from QCP, a digital asset hedge fund, noted strong institutional demand for December $100,000 bitcoin call options.

Mads Eberhardt, a crypto analyst at Steno Research, maintains a bullish outlook for the latter half of the year, driven by several favorable factors, including anticipated U.S. interest rate cuts, rising liquidity, clearer regulations in Europe, and the possibility of a more crypto-friendly U.S. administration.

“Bitcoin at $100,000. Ethereum at $6,500,” Eberhardt projected, encapsulating the optimistic sentiment for the leading cryptocurrencies.