Bitcoin Hits $113,289 All-Time High Surpassing Silver Market Cap

Bitcoin, the leading cryptocurrency, reached a new all-time high (ATH) of approximately $113,289 on the evening of July 10. This surge marks a significant milestone as it has now surpassed the entire market capitalization of silver, a precious metal that has long been considered a store of value. Concurrently, Ethereum, another prominent cryptocurrency, hit $2,800. The rapid ascent of Bitcoin's price has left many traders and analysts scrambling to adjust their price targets, with some predicting that the cryptocurrency could reach as high as $120,000 to $130,000 in the near future.

The recent price surge in Bitcoin can be attributed to a combination of factors, including increased institutional investment, a weakening US dollar, and positive regulatory developments. Additionally, the endorsement of cryptocurrencies by prominent figures, such as Trump, has contributed to the bullish sentiment surrounding the asset class. Trump's declaration that cryptocurrencies are "going through the roof" has triggered massive buying pressure across digital asset markets, further fueling the rally in Bitcoin's price.

The parabolic nature of the current rally in Bitcoin's price mirrors previous supercycles, where rapid price discovery phases have led to swift moves toward round-number targets. Technical analysts are now eyeing the $120,000 level as the next major psychological target, with some suggesting that the milestone could be reached within 24 hours given the current momentum. However, market participants are closely watching for any signs of exhaustion around current levels, as the rapid price appreciation could lead to a correction in the near future.

The recent surge in Bitcoin's price has also led to a significant increase in short liquidations, as traders who had bet against the cryptocurrency's price movement were forced to close their positions at a loss. This has further contributed to the bullish sentiment surrounding the asset class, as it has demonstrated the strength of the current rally and the potential for further price appreciation. According to Coinglass, liquidations reached $598 million in the past 24 hours, with short positions accounting for $529 million.