Bitcoin has recently set a new record exceeding $113,000. Experts are discussing the potential for further growth and its impact on the market.
Reaching a New All-Time High
On July 10, Bitcoin reached $113,833, marking its second record day in a row. This milestone sparked activity across the entire crypto market. Analysts from B2BINPAY note that after weeks of trading between $106,000 and $110,000, Bitcoin finally broke through a critical level at $112,000, leading to over $280 million in liquidations in just one hour.
> 'Bitcoin’s latest breakout above $112,000 confirms the market has broken out of its ‘indecisive’ phase,' said B2BINPAY analysts, adding that 'there’s clear evidence of renewed spot demand and conviction buying.'
Market and Bitcoin Dominance
Bitcoin is currently at multi-year highs in terms of dominance, which has reached 64%. Strong ETF demand, exchange outflows to cold storage, and corporate treasuries are all signaling bullish prospects for the Bitcoin market.
> 'Structurally, the chart now points toward the $115,000-$120,000 zone, with strong momentum behind it,' B2BINPAY analysts noted.
Future of Altcoins Amid Bitcoin's Growth
With Bitcoin's dominance at multi-year highs, questions arise about the prospects for altcoins. While capital remains concentrated in Bitcoin, altcoins may have significant growth opportunities. According to B2BINPAY analysts, potential altcoin growth will likely depend on macroeconomic factors.
> 'Right now, the trend favors Bitcoin. But just beneath it, altcoins are quietly positioning for a late-summer rotation,' stated B2BINPAY analysts. 'However, if macro shocks hit (a hawkish Fed pivot or geopolitical escalation), Bitcoin could spike in dominance as risk appetite wanes.'
Bitcoin continues to show resilience and promising prospects for further growth. However, the future of altcoins remains dependent on the macroeconomic landscape.
