Bitcoin price hits new high again… Surpasses $116,000 [Decenter Market Status]

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On the morning of the 11th, Bitcoin (BTC) recorded 156.56 million won at Bithumb, a domestic cryptocurrency exchange, up 3.69% from the previous day.


Bitcoin (BTC) has once again set a new record by breaking through $116,000 for the first time in history. Ethereum (ETH), the second-largest market cap cryptocurrency, is also on the verge of entering the $3,000 range.

According to the global cryptocurrency market site CoinMarketCap on the 11th, BTC was traded at $116,067.79 as of 8 am. This is a 4.24% surge from the previous day, continuing its two-day rally and setting a new high point.



ETH also recorded $2,974.22, up 7.36% from the previous day, approaching the $3,000 mark. XRP traded at $2.545 per coin, up 5.33% from the previous day. Solana (SOL) recorded $164.62, a 4.47% increase.

At the domestic exchange Bithumb, BTC recorded 156.56 million won, up 3.69% from the previous day. ETH is trading at 4,012,000 won, up 6.42%, and XRP is up 4.95% at 3,438 won.

Analysts suggest that expectations for the upcoming US House of Representatives 'Crypto Week' are driving the bullish market. Republican House members have designated July 14th as the start of Crypto Week and plan to bring three major cryptocurrency-related bills to the floor during this period: the CLARITY Act, the Anti-CBDC Surveillance State Act, and the Senate GENIUS Act.

Ryan Gorman, Uranium Digital Strategy Director, stated, "Global companies are accelerating the accumulation of BTC as part of their financial strategy, and with the upcoming Crypto Week, a virtuous cycle of demand exceeding supply is forming. In the options market, institutional funds are also showing strong betting. It's possible to reach $120,000 as early as next week."

The Fear and Greed Index from cryptocurrency data analysis firm Alternative.me rose 5 points from the previous day to 71 points, indicating a state of 'greed'. This index means that the closer it is to 0, the more constrained the investment sentiment, and the closer to 100, the more overheated the market is.


Reporter Kim Jung-woo
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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