Bitcoin Surges 7% to New All-Time High of $107,000

Bitcoin (BTC) has surged past $107,000, marking a new all-time high for the cryptocurrency. This significant milestone has sparked renewed interest and speculation within the crypto community. The climb above $107,000 is a testament to the growing confidence in Bitcoin as a store of value and a hedge against inflation. The surge has also had a ripple effect on other altcoins, with Hyperliquid (HYPE) reaching a new all-time high amid Bitcoin’s recent market moves. This indicates a broader bullish sentiment in the crypto market, as investors seek to capitalize on the momentum generated by Bitcoin’s price increase.

Bitcoin’s gradual recovery post the Friday crash continued in the past 24 hours as the asset jumped past $107,000 for the first time since the Israel-Iran attacks started. The previous business week also started in a positive manner for the primary cryptocurrency, which jumped past $110,000 on several occasions from Monday to Wednesday. However, it couldn’t penetrate that level for good and started to lose value in the process. The most substantial rejection took place on Friday morning when BTC dumped from $108,500 to under $103,000 in minutes. The reason for this painful decline was Israel’s missile attack against Iran, in which over 70 people were killed. Although Iran retaliated on Saturday morning and the attacks continued during the weekend, bitcoin actually started to recover some ground. On Sunday, it tried to overtake $106,000 but failed at first before the bulls pushed it above that level and even north of $107,000 on Monday morning.

Its market capitalization has risen to $2.130 trillion, while its dominance over the alts continues to stand tall at 61.5%. Many altcoins have produced impressive gains over the past day, but HYPE has stolen the show once again with another new all-time high. HYPE has done it again by charting another all-time high, this time, close to $45. HYPE is up by double-digits once again on a daily scale. Other notable gainers include SUI, AVAX, UNI, TAO, ICP, AAVE, ONDO, and more. SPX and AB have surged from the top 100 alts. The total crypto market cap has rocketed by $80 billion since yesterday and is up to $3.460 trillion.

Ethereum has added roughly 5% of value in the past 24 hours and now trades well above $2,600 after testing the $2,500 support. XRP, BNB, DOGE, TRX, ADA, BCH, and LINK are also in the green, while SOL has emerged as the top gainer from the 10 largest alts. Solana’s token has jumped by over 8% and now trades above $155. The new all-time high for Bitcoin comes at a time when the cryptocurrency market is experiencing increased institutional interest. According to analysts, the recent price surge is driven by strong institutional flows and macroeconomic tailwinds. The cooling of US inflation has also contributed to the positive sentiment, as investors see Bitcoin as a safe haven asset in times of economic uncertainty. The new all-time high for Bitcoin is a significant milestone for the cryptocurrency, as it solidifies its position as the leading digital asset in the market. The surge in price has also led to increased speculation about the future of Bitcoin, with some analysts predicting that the cryptocurrency could reach even higher levels in the coming months. However, it is important to note that the crypto market is highly volatile, and prices can fluctuate rapidly. Investors should exercise caution and conduct thorough research before making any investment decisions.