On the evening of July 9, amid a burst in trading volumes, the digital gold set a new ATH at $111,999.79 in the BTC/USDT pair on the largest crypto exchange, Binance.
Over the past 24 hours the asset rose 2.2%, and its market capitalisation topped $2.2 trillion.
However, according to services such as CoinGecko and CoinMarketCap, the peak of the average price across venues was reached on May 22 at $111,814 and $111,970, respectively.
As usual, bitcoin’s upswing stirred altcoins. Among the top ten, Ethereum, XRP, Solana and Dogecoin posted stronger daily gains — 6.5%, 4.2%, 3.3% and 5.4%, respectively.
‘Whale’ fundamentals
One key driver of demand may be growing interest from institutions and corporates. After the Michael Saylor–founded Strategy продемонстрировала a successful strategy of accumulating digital gold, many other companies followed.
Total assets under management by spot bitcoin ETF providers have neared $150 billion, and cumulative net inflows exceeded $50 billion, underscoring resilient institutional demand.
Analysts at CryptoQuant also noted a jump in the “Coinbase premium”. In their view, demand from US investors “fueled” the price rise.
Dominance
Bitcoin’s dominance index stands at 63.8%. That means the market capitalisation of the first cryptocurrency exceeds the combined value of all altcoins.
Ethereum’s share is 9.7%; all other “alternatives to digital gold” account for 26.5%.
The return of bitcoin dominance to May highs points to a “continued shift by investors into safer assets,” noted analysts at The Block.
“Weak altcoin dynamics indicate that the anticipated ‘altseason’ has not yet arrived — capital remains concentrated in bitcoin rather than in riskier tokens,” they explained.
The screenshot below illustrates the faster rise of the first cryptocurrency’s price since the start of the year compared with other blue chips.
Below is the performance of the top 20 cryptoassets over the past month:
Bitcoin Cash has risen by more than 21%, noticeably outpacing bitcoin’s more moderate gains.
Earlier, analyst Omkar Godbole identified long-term resistance levels at $115,000 and $223,000.