Hassan Maishera
TL;DR
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BTC is up nearly 4% in the last 24 hours and has now set a new all-time high of $122,540.
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Analysts expect a further rally ahead of the U.S. Crypto Week
BTC Sets a New All-time High Above $122k
The cryptocurrency market has continued its excellent performance in July, with Bitcoin and other major cryptos recording huge gains over the last few hours. Bitcoin, the leading cryptocurrency by market cap, added 3.7% to its value in the last 24 hours to hit an all-time high price of $122,540.
This latest development comes after recording excellent gains over the weekend. Analysts are now optimistic that Bitcoin could rally higher in the coming days. While speaking to The Block, Rachael Lucas, Crypto Analyst at BTC Markets, said Bitcoin’s rally is not in isolation. He added that,
"There's real momentum behind this rally, ETF inflows have surged past US$1 billion per day, and total assets under management have now crossed US$150 billion. That's over 6% of the entire bitcoin market cap now sitting in ETFs, which signals deep institutional conviction."
According to Lucas, Bitcoin is benefiting from entering what's dubbed as "Crypto Week" in the U.S. The lawmakers are set to discuss and potentially advance key crypto proposals, such as the CLARITY Act or the GENIUS Act, that have been fuelling momentum in the market.
The CLARITY Act seeks to establish a clear regulatory framework for crypto in part through designating how the SEC and the Commodity Futures Trading Commission would regulate the sector. Meanwhile, the GENIUS Act aims to lay the legal groundwork for U.S. dollar-pegged stablecoins.
The analyst added that Bitcoin’s price could soar higher in the short term.
"As for where BTC goes next, the move above $120,000 opens the door to $125,000–$128,000 in the near term. If ETF demand continues and macro conditions remain supportive, particularly with US rate cuts back on the table, we could see bitcoin push even higher into the third quarter," he added.
Altcoins Also Rally Higher
With BTC reaching a new all-time high, altcoins are also trading in the green. Ether is eyeing the $3,100 mark after adding 2% to its value, while XRP is up 28% this week and approaching $ 3.00.
Solana’s SOL is now trading at $165, having surged by 2% in the last 24 hours. Thanks to this ongoing rally, the total crypto market cap now stands at $3.8 trillion. Furthermore, traders lost over $500 million in the last 24 hours thanks to Bitcoin’s rally.
JUST IN: $500,000,000 worth of crypto shorts liquidated in the past 5 hours.
— Watcher.Guru (@WatcherGuru) July 14, 2025
