Bitcoin (BTC) has finally broken its record price and the euphoria is immediately hitting the cryptocurrency market. Almost all prices are included and, with a few exceptions, almost all altcoins are also heavily in the green.
The total market cap of all crypto now stands at $2.753 trillion, also a new all-time high. Despite this, trading volume is still well below early this year levels, a sign that the so-called “retail FOMO” may even have yet to begin. Renovato.io Crypto has enough information. A warning is in order here. When the market is so euphoric, the scammers often reappear. Do not send bitcoin or other crypto to unknown parties, especially if they promise to return the double.
Bitcoin
Bitcoin (BTC) has finally reached a new record after six months. The price climbed to $64,000 last night and was able to hold there well all day. At around 2 a.m., bitcoin broke out and the price shot from $63,800 to a new all-time high of $67,275 at around 5 p.m., an increase of some 5.4%.
https://youtu.be/VwMZ4b3AQY0
The price increase appears to have been mainly driven by the rapidly declining supply in the market as well as the launch of the first bitcoin ETF in the US. Bitcoin is now in unknown territory, making possible resistances and so-called sell walls difficult to predict.
There seems to be a good chance that the price increase will continue, for example, research company CryptoQuant reports that despite the new ATH, the amount of BTC on exchanges continues to decrease. That shows a strong confidence in the price. Bitcoin is now in price discovery mode. It is striking that bitcoin price currently almost exactly follows the pattern from 2017, which gives a lot of credibility to the halving theory and the stock-to-flow (S2F) model.
Altcoins
Ethereum (ETH) is moving along with bitcoin. Ether prices shot from $3,860 to a high of $4,090 this afternoon, the highest since May 12 when ether established an ATH of $4,355. It seems at this point that it is only a matter of time before ether hits a new ATH as well.
Still, the above two are not the strongest climbers in the top 10 today. Solana (SOL) started rising sharply this morning and continued this afternoon. The SOL price is 10% in the plus, now comes to $171, and seems unstoppable. Polkadot (DOT) is rising almost as fast, the DOT price was around $41 and currently stands at $44.7, an increase of 9%. Just outside the top 10 we see terra (LUNA) constantly rising. Quant prediction 2025 is positive. The LUNA price currently stands at $40.9 and is up 13% today.
The two big ‘meme crypto’ are having a little harder time. Dogecoin (DOGE) also initially jumped from USD 0.244 to USD 0.257, but is now falling back to USD 0.252. Shiba Inu (SHIB) is almost the only crypto currently in red. The price has fluctuated violently and is currently down 2% to $0.0000276. Still, SHIB is up 240% from a month ago.
As reported this morning, it is still the cryptocurrency exchange tokens that are performing best today. Meanwhile, ftx token (FTT) is 10% in the plus, huobi token (HT) 17% and OKB continues to go like a rocket and is even in the plus 27%. Finally, we see safemoon (SAFEMOON) suddenly reappear, the price is in the plus 14% and now comes out at $0.0000022.
