Bitcoin extended its July rally by reaching a new all-time high of $120,000 on Coinbase. The main drivers of this growth are institutional investments and increased network activity.
Record Bitcoin Growth
Bitcoin (BTC) continues its July surge, hitting a new historical peak of $120,000 on Coinbase at 2:47 am on July 14. The cryptocurrency has risen 13% this month, allowing it to close its third consecutive green monthly candle. This growth has been supported by institutional inflows, notably from BlackRock's ETF, which reached a record $83 billion in assets under management.
Bitcoin Network Activity
Bitcoin analyst Axel Adler Jr. noted that the network is gradually seeing increased usage without signs of profit-taking. The average daily transactions increased from 340,000 to 364,000 over the past two days but remain below the peak values of previous market tops. Adler mentioned, "There are no signs of active coin selling in the market, which strengthens both the fundamental and technical bullish signal."
Long-Term BTC Accumulations
According to Cointelegraph, accumulator addresses, which consistently acquire BTC without significant outflows, ramped up significantly over the past month. Data from CryptoQuant shows these wallets now hold 250,000 BTC, the highest level for 2024. The 30-day demand has jumped 71%, reflecting renewed conviction among long-term buyers.
Thus, Bitcoin is confidently moving upwards, driven by a surge in institutional investments and active accumulation among long-term holders.
