Bitcoin reached a new all-time high on Wednesday, briefly exceeding $112,000 on certain exchanges at about 19:55 UTC.
The coin then retreated. As at 10:08 UTC Thursday 10 July, the world’s largest cryptocurrency by market capitalization was trading at $111,044, according to CoinMarketCap.
Bitcoin has rallied more than 50% since this year's low on 7 April. Wednesday's surge was fueled by a combination of bullish investor sentiment, strong institutional inflows and ongoing momentum across global equity markets. Together, these factors helped propel the total crypto market capitalization back to $3.47 trillion, a level not seen since last month.
Rising tide lifts all boats
The rally extended beyond Bitcoin. Ether (ETH) has climbed 6.7% over the past 24 hours, while XRP gained 4.8%. Solana rose 3.3%, with Cardano and Dogecoin adding 6% and 5.6% respectively.
Bitcoin’s sustained price growth and expanding market cap have made it increasingly accessible to institutional investors, reinforcing market confidence and accelerating product development across the crypto space. The upward move came despite minutes released by the US Federal Reserve FOMC (Federal Open Market Committee) that showed discussions in mid-June highlighted the pressure of inflation and suggested little support for a cut in interest rates later this month.
Everyone can join in
“There were few sophisticated capital allocators who could gain exposure when Bitcoin was a $100–200 billion market cap,” Anthony Pompliano, CEO of Professional Capital Management, wrote in a letter to investors. “Now that the asset is measured in trillions, almost every capital allocator on the planet can put the exposure on.”
The crypto market is still some way short of the $4 trillion record stock market capitalization reached for the first time by AI giant Nvidia on Wednesday.
