Bitcoin's price unexpectedly surged to $119,700, surprising traders. The increase in trading volumes and positive news regarding a potential tariff ceasefire between the US and China contributed to this growth.
Nature of Bitcoin's Surge
According to CoinMarketCap, Bitcoin's price rose nearly 1% in the past 24 hours, now trading at $119,326. Daily trading volume surged 17% to $56 billion, and the price momentum remains strong. Bitcoin is currently only 2.88 percent below its all-time high of $123,091 recorded on July 13.
Optimism in Trade Talks
The rally is fueled by renewed optimism in trade talks between the US and China. As per the South China Morning Post, both countries plan to meet in Stockholm to finalize an agreement that would freeze tariffs for another 90 days. This pause could help ease global market tensions, giving risk assets like crypto room to climb.
Overall Market Growth
The rally isn’t limited to Bitcoin. Ethereum crossed $3,825, and CME futures for ETH hit a record $7.85 billion in open interest. BNB hit a new all-time high of $825. The total crypto market cap is now $3.94 trillion, just shy of the $4 trillion milestone as Bitcoin continues to lead the charge.
In conclusion, the recent positive news regarding US-China trade talks and institutional investor activity have contributed to the price growth of Bitcoin and other cryptocurrencies, reflecting the overall upward trend in the market.
