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Bitcoin price surpassed $110,000 for the first time in a recent rally that has seen it over 4% over the past day to break the previous all-time high price that it hit earlier this year. At the time of writing, the Bitcoin price was trading at $111,669.01, up 4.5% in the last 24 hours. Meanwhile, the crypto market cap soared nearly 4% to $3.51 trillion, according to CoinMarketCap. In the last 24 hours, the cryptocurrency market witnessed a 59.61% increase in its trading volume to $188.16 billion, to which Bitcoin and Ethereum contributed 63,3% and 9.1% respectively.

The biggest cryptocurrency in the world has now increased by more than 20 per cent this year and by about 45% since plunging to $75,000 on April 7, when US President Donald Trump imposed broad tariffs that caused the world's markets to collapse.

Commenting on the recent rally Ashish Singhal, Co-founder, CoinSwitch said, “Bitcoin officially entered uncharted territory, breaking past its previous all-time high and is currently trading above $110,000,” said Ashish Singhal, Co-founder of CoinSwitch. “This isn’t just a milestone for the market—it’s a reflection of how the global perception of digital assets is fundamentally evolving.”

Ethereum, Solana, BNB Zoom

Fueled by a rally in Bitcoin, the world's largest cryptocurrency, another major coin like Ethereum, Solana, BNB, XRP, Dogecoin, and Cardano soared high in the last 24 hours.

At the time of writing, Ethereum soared nearly 3% over a day to trade at $2,622.18. At the same time, BNB was trading at $687.04, up 3.8% in the last 24 hours. Meanwhile, Solana was up 3.5% to 4176.17, Dogecoin was trading at $0.2,403, up 4.6%, and XRP was up 2.07% at $2.41.

Vikram Subburaj, CEO, Giottus Crypto Platform, said, "Bitcoin has reinforced its global narrative with a new high and is currently in price discovery mode above $110,000. Indicators point to a brief correction at these levels - weakening daily inflows to ETFs, oversold RSI, etc. - however, market sentiment is quite bullish and may carry the asset towards $115,000."

"Altcoins have regained their bullishness with strong 4-6% gains across key altcoins. Bitcoin dominance, at 64%, may cool off in the short term," Vikram added.

Key Reasons Behind Bitcoin Price Rally 

Several factors contributed to the recent spike in the price of Bitcoin, including the reduction in trade tensions between the US and China and Moody's downgrade of US sovereign debt, which caused investors to look for alternatives to the dollar as an investment.

"This rally is driven by more than just market momentum—it's backed by consistent inflows into spot Bitcoin ETFs, improving macroeconomic clarity, regulatory support such as the recent introduction of the Genius Act and a growing recognition of Bitcoin’s credibility, even at the sovereign level. We’re seeing this play out real-time as several U.S. states move to integrate Bitcoin into their policy frameworks,” said Ashish Singhal, Co-founder, CoinSwitch.

Disclaimer: All the views and opinions shared in the story belong to the attributed person only. Jagran does not advise investing, please take experts opinion before investing.