Bitcoin Hits All-Time High, Igniting Major Crypto Bull Run in 2023
Bitcoin Reaches New Heights: Surges to $118,856
Bitcoin Hits Record Highs
On Thursday, Bitcoin (BTC) achieved a remarkable milestone, setting a new all-time high, and continued its impressive ascent into Friday, peaking at $118,856 per coin. Known for its unpredictable price swings, Bitcoin experienced a rapid surge of nearly $3,000 in just five minutes on Friday, as reported by CoinMarketCap.
Year-to-Date Performance
Bitcoin has demonstrated a staggering year-to-date increase of 105.7%, climbing from $57,341 on July 11, 2024, to its current valuation of nearly $119,000. Over the past week, BTC has appreciated by 9.83%, with its price recorded at $107,483 on July 4.
Currently, Bitcoin boasts a market capitalization of approximately $2.34 trillion. This figure represents the total market value of Bitcoin’s circulating supply, calculated by multiplying the current price by the total number of coins available, which stands at 19.89 million. BTC now accounts for about 66% of the entire cryptocurrency market cap, which encompasses over 37 million distinct cryptocurrency assets.
In terms of trading activity, Bitcoin saw a significant uptick, with $122.76 billion traded within the last 24 hours on July 11, marking an impressive 88.5% increase compared to the previous day.
Breakdown of Bitcoin Holders
Every Bitcoin transaction is recorded on the blockchain, a decentralized ledger that enhances security and allows for transaction verification and wallet tracking. According to data from IntoTheBlock, the distribution of Bitcoin holdings reveals that 76.43% of holders possess between $0 and $1,000 worth of BTC. Meanwhile, 21.55% of wallets contain between $1,000 and $100,000, and only 2.02% of holders have more than $100,000 in Bitcoin.
Investor Holding Periods
CoinMarketCap categorized Bitcoin investors based on how long they have held their assets. A significant 75.86% of Bitcoin addresses are classified as “Holders,” indicating that these long-term investors have maintained their BTC for over a year. “Cruisers,” who have held their coins for one month to one year, make up 19.96% of the total, while “Traders,” who typically hold Bitcoin for less than a month, represent just 4.18%.
Other Cryptocurrencies on the Rise
In addition to Bitcoin’s success, other major cryptocurrencies have also seen significant price increases in recent days. Ethereum (ETH), the second-largest cryptocurrency by market cap, has risen approximately 19.05% over the past week, currently priced at $2,962. XRP, the third-largest cryptocurrency, has experienced a price surge of over 22%, now valued at $2.72. Solana (SOL), ranked fifth, has increased by more than 10%, with a current price of around $162.
Bitcoin’s price movements often influence the broader cryptocurrency market, leading to shared gains among many digital assets in response to BTC’s fluctuations.
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