Bitcoin price is climbing to new heights, breaking the key $109K mark that had held since December 2024. In the last 24 hours, Bitcoin surged over 3.8%, reaching a historic new high of $118,885.
Historical High of Bitcoin
Bitcoin recently closed at $118,885 during the London session on July 11, marking a new all-time high. This milestone was achieved following significant growth over a 24-hour period and the breach of a critical psychological barrier at $109K.
Reasons for Bitcoin Price Surge
The continuing bullish sentiment in the cryptocurrency market, along with rising institutional investor interest, is driving Bitcoin prices higher. Recently, Bitcoin ETFs recorded a historic cash inflow of $1.18 billion. Notably, BlackRock’s IBIT has over $80 billion in assets under management. Increased global money supply and countries forming alliances to move away from the US dollar are also contributing to this surge.
Trading During Crypto Summer
During a 'crypto summer', most projects in the cryptocurrency market experience growth due to sustained optimism. Capital tends to rotate from larger projects to smaller ones. From a technical analysis standpoint, focusing on undervalued tokens with potential to thrive in the web3 space could yield higher returns. Comparisons to the 2017 crypto summer highlight the promising outlook for this year.
The rise in Bitcoin's price to a historic high and the bullish market sentiment underscore the growing interest in cryptocurrencies. Amid economic shifts and increasing financial inflows, the possibility for further gains seems realistic.
