Bitcoin reaches new all-time high, fuels crypto bull run

The cryptocurrency, Bitcoin (BTC), established a new all-time high on Thursday and continued its upward momentum into Friday as the highly regarded digital asset reached $118,856 per BTC.

Cryptocurrencies are known for their extreme volatility, which was the case on Friday when Bitcoin increased nearly $3,000 within five minutes, according to CoinMarketCap.

Bitcoin surges to new all-time high

BTC is up 105.7% on its year-to-date (YTD) measurement, which is the current price of an asset compared to the price exactly one year earlier. BTC grew from $57,341 on July 11, 2024, to its current price of nearly $119,000.

In a smaller time frame, the price of BTC over the past week has grown by 9.83%, with Bitcoin’s price per coin listed at $107,483 on July 4.

Additionally, Bitcoin’s market capitalization currently sits at $2.34 trillion. An asset’s market capitalization, or market cap, represents the total market value of the asset’s circulating supply. The current price of BTC ( multiplied by the number of coins on the market, 19.89 million) totals its $2.34 trillion market cap.

BTC currently represents roughly 66% of the entire cryptocurrency market cap, which spans more than 37 million unique cryptocurrency coins.

In terms of Bitcoin’s trading volume over the last 24 hours, a total of $122.76 billion in BTC was traded on July 11, which revealed an 88.5% higher trade activity than the previous day.

Bitcoin investors breakdown

Each purchase of Bitcoin, or any cryptocurrency, gets recorded on the blockchain, which is a distributed ledger used for enhanced security, transaction confirmations, and can also be used to track wallet activity.

IntoTheBlock provided data by using Bitcoin’s blockchain to find the current U.S. dollar (USD) amount of BTC that traders had in their wallets. Of note, each address is identified by a randomly generated series of alphanumeric characters, and personal information is not displayed on the ledger.

As of July 11, the percentage of Bitcoin holders that have between $0 and $1,000 was listed as 76.43%. Bitcoin wallets with $1,000 to $100,000 stood at 21.55%. Lastly, Bitcoin investors with more than $100,000 of Bitcoin in their wallets represented 2.02% of Bitcoin’s total holders.

How long are investors holding Bitcoin?

CoinMarketCap provided three separate categories for the timespan that Bitcoin investors had held their digital assets.

75.86% of Bitcoin addresses were listed as “Holders,” which represents long-term investors who have held onto their BTC for one year or longer.

Bitcoin addresses labeled as “Cruisers” represented 19.96% of the data, indicating BTC holders who held their coins for a period of one month to one year.

The final category listed was “Traders,” which were 4.18% of Bitcoin wallet holdings, a figure that revealed investors who held their BTC for a very short time, typically less than one month.

Other notable cryptocurrency price increases

Other popular high market cap cryptocurrencies shared in Bitcoin’s success over the past few days, including Ethereum (ETH), XRP, and Solana (SOL).

ETH, the second-largest cryptocurrency by market cap, with more than $361 billion, increased by roughly 19.05% in the last week, currently at $2,962 per coin as of this reporting.

XRP, the third-largest cryptocurrency by market cap, nearly $163 billion, had more than a 22% price increase per coin in the last seven days, currently priced at $2.72 per coin.

SOL, the fifth-largest cryptocurrency by market cap, with $87 billion, increased by more than 10% in the last week, currently at roughly $162 per coin.

The price of Bitcoin is known for being a rising tide that lifts all boats, oftentimes bringing shared success among a vast majority of cryptocurrencies, in response to BTC’s price action, whether it increases or decreases.

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