After a fast start to the year, Bitcoin (CRYPTO: BTC) has been in a holding pattern of late, unable to break decisively above the $30,000 mark. While Bitcoin is still up 79% for the year, it is actually down 2% over the past 30 days.

But even with this recent sluggishness, Bitcoin is the one cryptocurrency I'd buy right now. There's a lot happening behind the scenes with Bitcoin, and I like what I see. Here are three factors that I think make Bitcoin a compelling buy right now.

One of the biggest catalysts for Bitcoin is the potential for a massive influx of new money from institutional investors. In mid-June, for example, BlackRock Inc. (NYSE: BLK), the largest asset manager in the world, announced plans for a new spot Bitcoin ETF. That was followed up by similar spot Bitcoin ETF applications from other investment firms, including Ark Invest and Fidelity Investments. It's really now just a matter of when, not if, such a spot Bitcoin ETF gets approved by the SEC, and that's when the new influx of institutional money could start to happen.

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Source Fool.com