Bitcoin (BTC), the world’s largest cryptocurrency by market value, has rallied above $29,000 for the first time in over a month. This comes following an uptick in bullish sentiment in the crypto market as traditional finance (TradFi) players push further into crypto.

Last week, investment giant BlackRock (BLK) filed for a U.S. bitcoin exchange traded fund (ETF) and on Tuesday, Deutsche Bank said it had applied for a digital asset custody license in Germany.

Adding to this, crypto exchange EDX Markets, which received funding from financial heavyweights including Charles Schwab (SCHW), Citadel Securities and Fidelity Digital Assets, started its trading services.

Bitcoin appears to have outperformed the majority of other digital assets following these advancements, gaining over 8% in 24-hours and pushing to a level it has not seen since May 6, 2022.

Some traders see further gains ahead, with the cryptocurrency possibly approaching $30,400.

Edited by Parikshit Mishra.