After rallying above May’s all-time high of about $118k on Wednesday, Bitcoin (BTC) price has rallied to a new all-time high of above $113,700 on Thursday, during the mid-North American session. The flagship coin is now in price discovery mode, which could lead to more bullish momentum in the coming days and possibly weeks.
Bitcoin’s daily average trading volume surged over 50 percent in the past 24 hours to hover about $66 billion. As a result of the heightened volatility, more than $325 million was liquidated from BTC’s leveraged positions in the past 24 hours.
The Bitcoin price pump above $113k, for the first time its inception, on Thursday is a culmination of several factors. At the top list is the unwavering support from institutional investors led by the U.S. spot BTC ETFs and corporations such as Strategy and Metaplanet.
BlackRock’s IBIT has led in daily net cash inflows, whereby the ETF registered an inflow of about $125 million on Wednesday.
Bitcoin price has experienced bullish activity in the recent past fueled by rising global money supply (M2). The M2 is expected to grow exponentially in the near future, especially after the United States recently approved the One Big Beautiful Bill Act, which is estimated to increase the federal deficit by $3.3 trillion in the coming years.
The notable BTC price upsurge is also fueled by the rising futures and Open Interest (OI) market. According to market data from Coinglass, Bitcoin OI surged around 10 percent in the past 24 hours to hover about $80 billion at the time of this writing.
Following Today’s BTC price pump, the wider altcoin market rallied in tandem. Ethereum (ETH) price surged over 2 percent today to trade around $2,830 at the time of this writing.
As a result, Bitcoin’s dominance declined to 64.7 percent, suggesting more investors are betting on an altseason.
From a technical analysis standpoint, crypto analyst alias CryptoBoss thinks the parabolic phase of the altcoin market has started and is likely to last through the end of the year.
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