Bitcoin crosses $1,21,000 mark to breach all-time record high, crypto token up 29% this year

Bitcoin surged past the $1,21,000 milestone for the first time in history today, on Monday, July 14, data crypto markets showed. At time of writing, it was up 2.75 per cent at $1,21,097.94, according to CoinMarketCap.

Market capitalisation of Bitcoin was at $2.41 trillion, up 2.85 per cent, with trading volumes at $60.69 billion, up 33.12 per cent, CoinMarketCap data showed. Overall, with this increase, the world's largest cryptocurrency has gained 30 per cent year-to-date (YTD) and more than a 100 per cent year-on-year (YoY), according to Pankaj Balani, CEO and co-founder of Delta Exchange.

According to Coin DCX, at its current market cap, Bitcoin has now become the fifth largest asset, surpassing giants such as Amazon, Silver, and Alphabet (Google).

Further, the world's second largest crypto, Ethereum also jumped 3.28 per cent to $3,054.96, with market cap at $368.77 billion and trade volume at $21.62 billion, CoinMarketCap data showed.

According to Raj Karkara, COO of ZebPay, Ethereum’s rise of over 5 per cent to a five-month high “highlights that this is not just a Bitcoin-led rally”.

“Both assets are moving in tandem, fueling renewed optimism across the crypto landscape. The strength of Bitcoin and Ethereum together signals a broader market alignment and sets the stage for accelerated adoption and deeper integration of crypto into the global financial system,” Karkara added.

Meanwhile, the XRP token is approaching the pivotal resistance at $3; and ADA, TRX, DOGE and SOL are all surging as markets resume their bull run, according to Coin DCX research team.

It added that Algorand is the top gainer for today with a massive rise of 33 per cent, followed by Pudgy Penguins with 25 per cent, and Hedera by 24 per cent. On the other hand, cryptos like Story and GateToken are experiencing marginal losses, which could be reversed in the next few hours.

Other significant movements were seen in Stellar (XLM), which surged ~14 per cent into the mid-week before cooling off following a protocol upgrade, while Cosmos (ATOM) and NEAR (NEAR) both made notable breakouts on strong volume, according to data from CoinSwitch Markets Desk.

CoinSwitch feels that the crypto markets remained buoyant due to sustained exchange-traded funds (ETF) flows and optimism surrounding tokenisation trends. It added that the week ahead is anchored by “Crypto Week” in the United States Congress, “key bills like the Clarity Act, GENIUS Act, and Anti‑CBDC Surveillance Act are moving through the House Rules Committee, with a full vote expected soon”.

“These bills aim to define crypto regulatory roles, authorise stablecoins, and block a US central bank digital currency, providing clarity that could drive institutional market participation,” it said.

Shivam Thakral, CEO of BuyUcoin noted, "Single day inflow into crypto funds on July 11 (latest recorded data) stood at a staggering $1.23 billion, out of which, Bitcoin ETFs contributed nearly $1.03 billion. This massive inflow of institutional money coupled with euphoria around the US ‘Crypto Week’, which kicks off today, is driving the current crypto rally.”

Edul Patel, Co-founder and CEO of Mudrex noted that Bitcoin could target $125,000 next, with strong support seen at $114,500; while Balani added that a sustained move above $122,000 could open the path toward $124,000–$125,000 levels.

Avinash Shekhar, Co-founder, and CEO, Pi42 concurred that Bitcoin's move above $1,21,000 signals renewed bullish conviction across the market. “This surge comes as investors digest a favorable macro backdrop, with inflation cooling and the US. economy showing signs of a “Goldilocks” equilibrium not too hot, not too cold… With inflation data around the corner and momentum accelerating, Bitcoin’s breakout has once again positioned it as the market's bellwether asset,” Shekhar felt.

But Thakral had some caution, “The crypto fear and greed index currently stands at 70, indicating that the market is overheated and due for a correction.”

Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies,...More

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