Record High Set on Coinbase
The leading cryptocurrency, Bitcoin, surpassed $112,000 for the first time in about a month and a half, setting a new all-time high.
According to U.S. cryptocurrency exchange Coinbase, as of 7:00 a.m. KST on July 10, Bitcoin was trading at $111,079.45, up 1.93% from the previous session. Compared to a week ago, it has risen by 1.45%, and compared to a month ago, it is up by 0.57%. On a year-over-year basis, the increase amounts to 92.54%.
Earlier in the day, Bitcoin was traded at $112,055, up 3.04% from the previous day. This is the first time Bitcoin has surpassed $112,000, breaking the previous all-time high of around $111,900 set on May 22, just about a month and a half ago.
At the same time, altcoins (cryptocurrencies other than Bitcoin) were also generally on the rise. Ethereum, the leading altcoin, was up more than 5%, while other major altcoins such as Ripple (XRP) (4.58%), Solana (4.15%), and BNB (1.25%) were also climbing.
This upward trend is attributed to increased investment in Bitcoin by traditional financial market participants, a growing preference for risk assets, and sustained institutional demand.
According to Reuters, Anthony Pompliano, founder and CEO of Professional Capital Management, stated in a letter to investors, "Bitcoin is the only asset that becomes less risky as it grows larger."
He explained, "When Bitcoin's market capitalization was between $100 billion and $200 billion, there were almost no sophisticated capital allocators who could access it, but now that the asset has grown to the trillion-dollar level, almost every institutional investor in the world can enter the market."
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