Bitcoin Sets New All-Time High at $118,869 Amid Strong Market Activity

The first cryptocurrency has set a new all-time high, reaching $118,869 in the BTC/USDT pair on the leading exchange, Binance.

The hourly chart shows a nearly vertical upward movement accompanied by spikes in trading volumes.

Over the last 24 hours, this major crypto asset has appreciated by 6.43%, marking a 26.58% increase since the beginning of the year, according to CoinMarketCap.

The screenshot below reveals that various top assets have also experienced growth in the past 24 hours, including:

The market capitalization of digital gold has reached $2.39 billion, while the total market value stands at $3.75 trillion, reflecting a 2.4% increase over the day, based on data from CoinGecko.

When comparing Bitcoin’s market value to traditional companies and precious metals, the results are noteworthy.

A popular indicator consistently signals «greed» among most market participants, according to an analysis.

In the last 24 hours, short positions worth $1.12 billion were liquidated.

«We believe that Bitcoin’s new historical maximum is a strong indication that the industry is on the verge of a significant rally,» commented Jeff May, the COO of BTSE.

Crypto analyst Crypto Dan suggested that this new wave of growth is driven not by the activity of «American whales» on Coinbase but by major players on Binance.

Vincent Liu, the investment director at Kronos Research, stated that an improving macroeconomic landscape and increasing interest from institutional investors have «renewed interest in Bitcoin.» He noted that this trend reflects a growing perception of the first cryptocurrency as a «regulated long-term asset» comparable to gold.

Liu is confident that institutional demand may persist if the inflation data published on July 15 does not trigger profit-taking or negatively impact market sentiment.

In the past 24 hours, Bitcoin ETFs have attracted $1.18 billion in investments.

The total assets under management (AUM) of exchange funds have surpassed $143 billion, with cumulative net inflows into Bitcoin ETFs exceeding the $50 billion mark, according to reports.

According to her, a growing number of companies are adopting the strategy previously chosen by Strategy Michael Saylor. The increasing interest from new groups of investors and easier market access following the launch of ETFs are supporting Bitcoin’s ascent to new highs.

Market participants are closely monitoring the latest regulatory changes, noted Nick Rak, director of LVRG Research. He stated that the passing of the GENIUS Act and the cancellation of a key tax requirement for crypto brokers have heightened institutional interest in Bitcoin and other popular coins. The gradual removal of barriers and legal restrictions is facilitating the integration of crypto assets into traditional finance.

Additionally, analysts at Standard Chartered have opined that the halving will no longer significantly influence Bitcoin’s price. They also forecast a rise in the first cryptocurrency to $200,000 by the end of 2025.