The value of bitcoin has reached a new all-time high, exceeding the previous milestone set in January.
The value of bitcoin has reached a new all-time high, exceeding the previous milestone set in January.
On Thursday morning, the price of Bitcoin (BTC) reached a new all-time high of $110,099, setting a new record. Since falling to a low of $75,000 in early April, the flagship currency, Bitcoin, has recovered more than $30,000 since then. For those who have not been following Bitcoin’s voyage from hell back this year, this is relevant information.
Several economies have shown their love and confidence in entering the cryptocurrency field in order to earn a significant amount of money, which has resulted in investors having a renewed appetite for risk.
Coin Metrics reports that the price of the flagship cryptocurrency was most recently up by 2%, coming in at $108,955.10 at the time of this writing. It had reached a peak of $109,857 earlier in the day.
As a result of the jump in Treasury rates and the subsequent fall in stock prices to session lows, bitcoin had at one point lost all of its gains.
“Bitcoin’s new high has been concocted by a variety of favorable ingredients in the macro cauldron,” said Antoni Trenchev, cofounder of the cryptocurrency exchange Nexo. “These ingredients include softer U.S. inflation numbers, a de-escalation in the trade war between the United States and China, and the Moody’s downgrade of U.S. sovereign debt, which has put the spotlight on alternative stores of value like bitcoin.”
There is also less selling pressure, as seen by bitcoin inflows into exchanges, and there is more liquidity in the cryptocurrency market, as measured by new records for the amount of Tether stablecoin USDT, which is a metric of cryptocurrency market liquidity, sitting on exchanges, according to CryptoQuant. On-chain data also reveals that there is less tension between buyers and sellers.
A number of factors, including as legislative changes and investments from corporate treasuries, have been anticipated by investors to be the catalysts that would propel bitcoin prices upward. According to Bitcoin Treasuries, the amount of bitcoin that is owned by public businesses has increased by 31% since the beginning of the year, reaching over $349 billion. This accounts for fifteen percent of the total quantity of bitcoins.
