Bitcoin has reached a new record high, climbing to $118,670, reflecting significant growth in the cryptocurrency market. Ethereum is also showing positive trends.
Bitcoin Reaches New Record
Bitcoin ($BTC) reached a new all-time high of $118,670 and is currently trading at $118,660.09, marking a 6.06% increase over the past 24 hours. The market capitalization of the leading cryptocurrency has risen to $2.34 trillion, up by 6.09%. Additionally, the 24-hour trading volume of Bitcoin surged to $108.94 billion, an increase of 89.08%.
Institutional Investment Drives Growth
Growing institutional interest is a key factor behind the shift in the cryptocurrency market. Since the beginning of July, over $50 billion has flowed into Bitcoin ($BTC) ETFs. The realized capitalization of Bitcoin has reached $4.4 billion, indicating strong conviction-led buyouts. Furthermore, the latest price rally has resulted in $1.13 billion in liquidations over 24 hours, reflecting a significant reduction in short positions.
Ethereum Recovers and Attracts Attention
Ethereum ($ETH) is also showing gains, reclaiming the $3,000 mark with an 8.1% increase over the past 24 hours. Its market capitalization currently stands at $363.19 billion, while the trading volume has soared by 34.86% to reach $38.38 billion. Ethereum is clearly leading the ongoing crypto market rally.
The price dynamics of Bitcoin and Ethereum signal a noticeable rise in interest from institutional players, which may suggest the beginning of a new cycle in the cryptocurrency market.
