Bitcoin Records New All-time High: Breaks Above May’s Peak

After a few weeks of trading sideways within a relatively tight range that had $110,000 as the upper boundary, bitcoin’s price finally broke above it and charted a fresh all-time high at $112,000.

Many altcoins mimicked BTC’s rally, which resulted in roughly $500 million worth of liquidations on a 24-hour scale across the market.

After the peak reached on Bitcoin Pizza Day (May 22), the primary cryptocurrency started to lose some ground, which culminated precisely a month later with a price dump to $98,000 during the Iran-Israel war.

However, the bulls managed to contain the losses, and BTC quickly topped $100,000. In fact, the asset hasn’t traded within a five-digit price territory in over two weeks.

July started with a slight stagnation, though, as bitcoin remained stuck between $105,000 and $110,000. However, the cryptocurrency went on the offensive hard in the past few hours, breaking above the upper boundary and surging to a fresh all-time high at exactly $112,000 (on Bitstamp and many other exchanges) minutes ago.