Bitcoin rose above $118,000 on Friday, extending the token's record-setting rally into its third day.

Is Bitcoin's rally the real deal or just another short-lived spike? Find out what's powering the world's biggest crypto higher right now.

As of today, IBIT sits at $83 billion and holds over 706,000 BTC, making it the 21st largest ETF in the US market. Two days ago, IBIT also closed at a new all time high of $63.58, reflecting a massive demand for Bitcoin.

Fueled by Bitcoin's rally to $116,586.84, MicroStrategy climbs to the 92nd largest U.S. company and inches closer to S&P 500 inclusion.

CryptoQuant analysts also highlighted the notable rise in Bitcoin open interest, which spiked to $81.4 billion on Friday following BTC's rally above its previous peak of $112,000. Despite this rise, funding rates have remained near neutral levels, signaling a low FOMO-driven environment among traders.

BTC hit a new all-time high of $112k after adding 3% to its value on Wednesday and could target the $115k-$120k level next.

Bitcoin just blew past $113,800 on Thursday, setting a new all-time high. The oldest digital asset has been on a tear for the last several months — and has nearly doubled over the past year, climbing from $57,899 a year ago today.

Bitcoin's bull run continues. The cryptocurrency rose as high as $118,739.86 on Friday, according to CoinDesk data, notching a new intraday high for a third straight day. Bitcoin recently stood a little lower,