After hovering below 110,000 USD for about a month, Bitcoin (BTC) broke through its short-term resistance level on July 10. In the previous session, the world's largest cryptocurrency repeatedly tested its former peak but was unsuccessful due to persistent selling pressure.
At approximately 11:25 (Hanoi time), Bitcoin suddenly surged, exceeding 112,000 USD.
On July 11, the chart showed a near-vertical rise. Around 0:30, the market price reached 113,500 USD, an increase of nearly 4% compared to 24 hours earlier. It then continued to climb, surpassing 115,000 USD at 5:30, setting a new record high, about 1,900 USD higher than the previous peak.
This surge pushed BTC's market capitalization over 2.25 trillion USD. Bitcoin is currently the 6th largest asset globally, surpassing silver and the market capitalization of Alphabet (Google's parent company). It trails only gold, Nvidia, Microsoft, Apple, and Amazon.
Ether increased by nearly 6%, reaching nearly 2,813 USD. Other popular cryptocurrencies like XRP, BNB, and SOL also saw gains of around 2-4%.
Bitcoin's recovery is fueled by strong inflows into ETFs, increasing acceptance by fund managers, and a more favorable regulatory environment. Additionally, the US House of Representatives recently declared next week "digital currency week," with a hearing on July 16 titled "Making America the Digital Asset Capital of the World." Traders are anticipating concrete signals after months of regulatory silence.
Bitcoin's rise comes as US stock markets react to tariffs imposed by former President Donald Trump, causing domestic share prices to decline. However, US stock index futures only dipped 0.1%, and global technology stocks continued to rise. Nvidia, for instance, briefly reached a market capitalization of 4 trillion USD.
CoinDesk quoted Augustine Fan, head of communications at options trading platform SignalPlus, as saying, "The price of cryptocurrency has risen to a new all-time high thanks to a backdrop of risk and supportive investment capital."
While the macroeconomic environment remains uncertain, Gerry O'Shea, global markets spokesperson at digital asset management firm Hashdex, predicts the upward trend is "far from over." Hashdex believes new catalysts, including the entry of more financial institutions into the cryptocurrency space, could push BTC's price to 140,000 USD or higher this year.
Tieu Gu
