Bitcoin hits all-time high amid ‘price explosion'
The price of bitcoin has risen above $110,000 for the first time in its history, after surging nearly 50 per cent since April.
The record-breaking rally takes the cryptocurrency above its previous all-time-high of just over $109,000, which it reached in January.
The fresh high comes amid favourable market conditions for bitcoin and other risk assets, including a deescalation in the US-China trade war, as well as the lowering of interest rates across Europe and Asia.
'There are a number of narratives stewing that could cause the bitcoin price to explode,' Simon Peters, a crypto analyst at the investment platform eToro, wrote in an emailed comment to The Independent on Thursday.
'Firstly, global liquidity – essentially how much money is available in the global economy and a metric which the bitcoin price closely mirrors – is forecast to increase throughout the year.
'Secondly, a vast number of buyers and increased amounts of capital are all chasing a fixed supply. As well as individual investors, more publicly traded companies are adopting bitcoin treasury strategies, buying billions of dollars worth at a time.'
Other leading cryptocurrencies have mirrored bitcoin's recent fortunes, with Ethereum, Solana, Dogecoin and Cardano all seeing significant price increases in recent days.
The market surge has led some crypto analysts to revise their price predictions for 2025, though caution is always still advised due to the volatile nature of bitcoin.
Nigel Green, CEO of global financial advisory firm deVere Group, told The Independent that the latest rally means his previous forecast for bitcoin hitting $150,000 this year 'no longer looks ambitious – it looks cautious'.
He continued: 'This is a pivotal moment. It's not just that bitcoin has hit a new high. It's the confluence of macro tailwinds, political momentum, institutional flows, and retail resurgence. We're entering a new era of digital value, and bitcoin is leading it.
'The $150,000 price target we set earlier this year was bold at the time. But markets evolve – and so must forecasts. If current conditions hold, and we get a real regulatory green light before the August recess, a price above $175,000 is increasingly within reach.'
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