Bitcoin Breaks $110,000, Altcoins Surge, Crypto Market Heats Up
The price of Bitcoin (BTC) has finally surpassed January's historical high, reaching a new record of nearly $112,000 earlier today, with a market capitalization exceeding $2.2 trillion. This price surge makes Bitcoin the fifth largest asset by market value, surpassing Amazon and Google, but trailing behind Apple and gold, the undisputed leader.
Since Bitcoin broke the $100,000 mark on May 9, it has remained within the six-figure range. In the following weeks, Bitcoin has largely stayed within a relatively narrow range of $103,000 to $105,000, apart from a few false breakout attempts. Last weekend, Bitcoin surged to the upper limit again but was initially halted by short sellers. As the week progressed, volatility intensified. In short, Bitcoin attempted to rally to $107,000 several times, but each time it faced resistance that caused it to drop by thousands of dollars.
Until this week, bulls completely took control of the market, breaking through resistance levels, which ultimately helped this major cryptocurrency surpass January's historical high of around $109,100 and reach a new high of nearly $110,000. Initially, Bitcoin dropped back to around $106,000, but during Thursday's Asian trading session, the situation reversed, and Bitcoin soared to nearly $112,000, setting a new high. Currently, the price of Bitcoin has risen to $111,309, and its market capitalization has climbed to about $2.2 trillion.
Meanwhile, altcoins are also showing upward momentum today, with ETH surging 4.5%, breaking $2,700. XRP increased by 2.6%, far exceeding $2.45; BNB broke $680 after a 1.2% rise in a single day. Coins like SOL, DOGE, ADA, SUI, LINK, AVAX, and SHIB saw even more significant gains.
With most low-cap and mid-cap altcoins experiencing substantial price increases, Coingecko data shows that the total market capitalization of cryptocurrencies is nearing $3.7 trillion.
The surge in Bitcoin's market capitalization and the explosive hype around altcoins, does this signal a new bull market for cryptocurrencies? What do you think Bitcoin's next target price will be? Leave your thoughts in the comments!
