Changpeng Zhao, the founder of Binance, shared a post on X, recalling his early investment experience. Zhao stated that he bought Bitcoin in 2014 and waited three years to see it reach $1,000 at the beginning of 2017, a move that the cryptocurrency community at that time considered very significant. He pointed out that the peak, once regarded as large, now accounts for less than 1% of Bitcoin's current value, providing historical context amid the recent surge in this cryptocurrency's price.
Bitcoin has reached a new high at the time of writing, hitting $121,776.18 after a 3.36% increase in the past 24 hours. This move follows a price increase that began late on July 13 and continued through the early morning trading session. The price rose from below $118,000 to a peak above $122,500 before a slight correction.
According to CoinMarketCap, Bitcoin's market capitalization has risen to $2.42 trillion. Additionally, trading volume surged by 153.6% during the same period, reaching $107.4 billion. This raised the trading volume to market cap ratio to 4.46%, indicating vibrant investment activity. The fully diluted valuation (FDV) currently stands at $2.55 trillion. The circulating supply has reached 19.89 million BTC, getting closer to the 21 million market cap set by the protocol.
The price of Bitcoin began to rise around 4:00 PM UTC on July 13. A breakout occurred shortly after 6:00 AM UTC on July 14, pushing the price of Bitcoin above the $121,000 mark. The resistance level remains near $123,000, while support is seen around $120,000 based on recent trading behavior. Short-term price volatility shows strong buying pressure and minimal declines during the uptrend. The chart structure reflects optimistic sentiment, with key support levels still intact.
Institutional Participation and U.S. Policy Development Drive Sentiment
The recent upward trend is supported by strong capital inflows from institutions. Data shows that participation from individual and professional investors has increased. The rise in this volume indicates ongoing interest in various market segments.
This has also been driven by legal developments in the United States. The Trump administration developed several programs that were considered friendly to digital assets. Among them, Trump Media & Technology Group recently planned to introduce an exchange-traded fund (ETF) focused on cryptocurrency, coinciding with the market's renewed optimism.