Bitcoin has officially done it again, breaking past $112,000 and hitting a new all-time high. After a shaky few weeks, the world’s largest cryptocurrency is now not only soaring in price but has also overtaken Alphabet Inc. in market value.
With a $2.213 trillion market cap, Bitcoin is once again the talk of Wall Street and the crypto world alike.
But what’s pushing this rally? Let’s break it down.
One of the biggest drivers behind Bitcoin’s rise is growing support from US policymakers. Ripple CEO Brad Garlinghouse recently testified before Congress in support of the CLARITY Act, legislation that aims to bring clear rules to the crypto industry.
For the first time, all Senators on the panel agreed that crypto is here to stay and needs regulatory clarity. This kind of shift in tone is giving investors fresh hope that the US might finally embrace crypto innovation.
Adding more excitement to the mix, President Donald Trump is pushing for a huge 300 basis point rate cut, the largest in U.S. history. Lower interest rates often push investors toward high-growth assets like Bitcoin, and this move could drive even more capital into crypto markets.
Another key factor is that the U.S. dollar is losing steam. The Dollar Index (DXY) is trading far below its 200-day average, a level not seen in over two decades. A weaker dollar often encourages investors to move money into alternative assets like Bitcoin, and that’s exactly what we’re seeing now.
On July 9th, Bitcoin ETFs saw fresh net inflows of $215 million, making it five days in a row of steady new money coming in. BlackRock’s IBIT led the pack with $125.6 million, while Ark Investment added $57 million and Grayscale brought in another $15.8 million.
In the past 24 hours, over 114,500 traders were liquidated, with total losses hitting $515 million. The biggest single liquidation was a $51.5 million BTC-USDT order on HTX.
Most of the liquidations came from short-term traders, losing about $451 million, while long-term holders lost around $64 million.
As per Coinpedia’s BTC price prediction, the Bitcoin price could peak at $168k this year if the bullish sentiment sustains.
With increased adoption, the price of Bitcoin could reach a height of $901,383.47 in 2030.
As per our latest BTC price analysis, Bitcoin could reach a maximum price of $13,532,059.98
By 2050, a single BTC price could go as high as $377,949,106.84
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