Bitcoin Hits Unprecedented High: Surpasses Previous May Record

Bitcoin's price has soared above its previous upper boundary of $110,000 to reach a record high of $112,000. The cryptocurrency had been trading within a relatively narrow range until this recent surge. A number of altcoins followed the trend initiated by Bitcoin, leading to a market-wide liquidation worth approximately $500 million in a 24-hour period.

After Bitcoin's peak on May 22 (Bitcoin Pizza Day), the asset experienced a downturn during the Iran-Israel war, dropping to $98,000. However, the value quickly rebounded and has remained in the six-digit territory for over two weeks. July saw a period of stagnation with Bitcoin caught between $105,000 and $110,000 before breaking through this upper limit to reach the new all-time high.