$BTC After several weeks of sideways trading in a relatively narrow range with the upper threshold at $110,000, the price of Bitcoin has finally surpassed this threshold and set a new record at $112,000.

Many altcoins have mimicked BTC's upward momentum, resulting in liquidations of about $500 million within 24 hours across the market.

After peaking on Bitcoin Pizza Day (May 22), this leading cryptocurrency began to lose value, peaking exactly one month later with a price drop to $98,000 during the Iran-Israel conflict.

However, buyers took control of the decline and BTC quickly surpassed the $100,000 mark. In fact, this coin had not traded within the five-digit price range for over two weeks.

However, July started with a slight stagnation, as Bitcoin remained stuck between $105,000 and $110,000. Nevertheless, this cryptocurrency surged strongly in the past few hours, breaking through the upper resistance level and reaching a new all-time high of $112,000 (on Bitstamp and many other exchanges) just a few minutes ago.

One of the reasons that may have contributed to today's price surge is that just a few hours ago, U.S. President Trump urged the Federal Reserve to cut interest rates by 300 basis points. Such a potential historic move is expected to benefit riskier assets like BTC and cryptocurrency.

Many altcoins have also followed the growth trend, achieving gains of nearly 10%. For example, ETH has risen over 6% since this time yesterday and is trading near $2,800.