Bitcoin's price has set a new record, reaching $112,000, leading to a rise in other cryptocurrencies. Increasing interest from major players accompanies a decline in retail activity.
Bitcoin Price Surge
Bitcoin (BTC) rose by 2.5% over the past 24 hours, achieving a new all-time high just above $112,000 before retracing to around $111,112 during the early European session.
Impact on Altcoins
The altcoin market, including Ethereum (ETH), XRP, Solana (SOL), and Dogecoin (DOGE), also experienced significant gains following Bitcoin's rise. Consequently, the total cryptocurrency market capitalization surged to $3.53 trillion, with the daily average trading volume increasing by 40% to roughly $140 billion.
Market Analysis and Outlook
According to analysts, the current market conditions suggest that bulls have the upper hand, despite the challenges that remain. Over the past 24 hours, more than $529 million was liquidated from over 114,508 traders, with shorts accounting for about $466 million.
The new record price of Bitcoin has created a positive sentiment in the cryptocurrency market and heightened interest from major investors, despite potential corrections ahead.
