Bitcoin (BTC) price has broken through the $111,900 level, reaching an all-time high after about a month and a half.
According to CoinMarketCap, a global virtual asset market tracking site, as of 8 AM, BTC is trading at $111,419.36, up 2.28% from the previous day. Around 4:55 AM, it set a new record high at $111,907.49.
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On Coinbase, a global virtual asset exchange, it even touched $112,000. This is about 45 days after surpassing the previous high of $111,900 set on May 22.
Major altcoins also rose simultaneously. Ethereum (ETH) is trading at $2,781.69, up 6.51%, XRP is up 4.85% at $2.417, and Solana (SOL) is up 4.07% at $157.55.
The domestic market showed a similar trend. At the same time, BTC is trading at 150,981,000 won on Bithumb, up 1.75% from the previous day. ETH rose 4.72% to 3,770,000 won, XRP increased 1.49% to 3,277 won, and SOL rose 2.05% to 213,800 won.
This sudden surge was catalyzed by the strength of tech stocks on the New York Stock Exchange. Nvidia surpassed a market capitalization of $4 trillion during trading, and the Nasdaq index, centered on tech stocks, rose 0.94%, leading to increased risk appetite that drove BTC prices higher.
CNBC noted, "Institutional investors view BTC as digital gold, but it is still classified as a risk asset that correlates with stocks," and analyzed that "when market risk appetite strengthens, virtual assets tend to show strength alongside tech stocks."
The virtual asset exchange Bitfinex told Cointelegraph, "Market participants who have resolved excessive leverage have withdrawn, establishing a healthier basis for growth," and "This rally is based on actual capital flow, matching on-chain accumulation and exchange external fund inflows." They added, "The upward trend can be maintained if spot buying-led flow continues in the coming weeks."
The Crypto Fear and Greed Index by alternative data analysis firm Alternative.me is at 66 points, up 1 point from the previous day, indicating a state of "greed". The lower the index is towards 0, the more contracted the investment sentiment, while closer to 100 indicates market overheating.
- Reporter Do Ye-ri
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