Bitcoin (BTC) Nears All-Time High Amid Crypto Resurgence

Bitcoin (BTC) is trading at $108,780 and close to reaching an all-time high amid a resurgence in cryptocurrencies.

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The rise in Bitcoin, which trades around the clock, comes with the benchmark S&P 500 index at a record high as investors continue to pile into risk assets such as stocks and crypto. At just under $109,000, Bitcoin, which is the largest cryptocurrency by market capitalization, is trading less than 3% below the peak it reached in May of this year.

Analysts expect to see new highs in Bitcoin in the coming weeks as the rally in U.S. markets gathers strength and shows no signs of abating. Some on Wall Street note that the U.S. money supply has recently climbed to a record $21.9 trillion, and that the surge in liquidity means potentially more money flowing into financial assets such as Bitcoin and other crypto.

Historic July

Historically, July has been a strong month for Bitcoin, with the digital token averaging gains of around 7%, adding a seasonal tailwind to its current rally. Investors also appear to have more confidence in digital assets as U.S. President Donald Trump makes good on his promise to make America the “crypto capital of the planet.”

BTC is up a total of 17% this year. Cryptocurrencies had been trading sideways in June but appear to now be breaking out as we enter July. Other popular cryptocurrencies, such as Ethereum (ETH) and Dogecoin (DOGE), are also breaking out and seeing their prices rise sharply.

Is BTC a Buy?

Most Wall Street firms don’t offer ratings or price targets on cryptocurrencies such as Bitcoin, so we’ll look instead at its three-month performance. As one can see in the chart below, the price of BTC has risen 38.11% in the last 12 weeks.