The first cryptocurrency set a fresh all-time high, briefly reaching $118,869 in the BTC/USDT pair on the largest crypto exchange, Binance.
The hourly chart shows an almost vertical climb, accompanied by surges in trading volumes.
Over the past 24 hours the leading cryptoasset rose 6.43%, and is up 26.58% year to date, according to CoinMarketCap.
As the screenshot below shows, other top assets also rose over 24 hours, including:
- Ethereum — +8.31% (the price moved above $3,000 for the first time since February);
- XRP — 7.32%;
- Solana — 5.43%;
- Dogecoin — 10.46%;
- Cardano — 12.52%.
The market value of digital gold reached $2.39 billion, while the overall market stood at $3.75 trillion (+2.4% over the day), according to CoinGecko.
Compared with traditional companies and precious metals, bitcoin’s market value stacks up as follows:
FOMO
A popular gauge continues to point to “greed” among most market participants:
In the past 24 hours, short positions worth $1.12 billion were liquidated.
“We are confident that bitcoin’s new all-time high is a powerful signal that the industry is on the verge of a new large-scale rally,” — said BTSE’s chief operating officer, Jeff Mei.
Whale appetites
CryptoQuant analyst known as Crypto Dan suggested that the latest leg higher stems not from “American whales” on Coinbase but from large players on Binance.
Kronos Research’s investment director, Vincent Liu, said that an improving macro backdrop and rising institutional interest “have renewed interest in bitcoin.” This, he said, reflects a growing perception of the first cryptocurrency as a “regulated long-term asset,” comparable to gold.
Liu is confident institutional demand could persist, provided the July 15 inflation release does not trigger profit-taking or sour sentiment.
Over the past day, spot bitcoin ETFs took in $1.18 billion.
Total AUM of the exchange-traded funds exceeded $143 billion, while cumulative net inflows surpassed the $50 billion mark.
“The recent surge in spot bitcoin ETF inflows is clearly tied to revived expectations of U.S. rate cuts and growing institutional risk appetite,” noted Presto Research analyst Min Jung.
According to her, more companies are adopting the strategy previously chosen by Michael Saylor’s Strategy. Growing interest from new investor cohorts and easier market access following the launch of ETFs are supporting bitcoin’s move to fresh highs.
Market participants are closely watching recent regulatory changes, noted LVRG Research director Nick Ruck. According to him, passage of the GENIUS Act and the removal of a key tax requirement for crypto brokers have boosted institutional interest in bitcoin and other popular coins. The gradual lifting of barriers and legal constraints is easing the integration of cryptoassets into traditional finance.
Earlier, Standard Chartered analysts argued that the halving would no longer affect bitcoin’s price. They also forecast the first cryptocurrency to reach $200,000 by the end of 2025.