Bitcoin set a new record for the first time since May. Why did the price resume growth?

The cost of bitcoin has risen to a new record. During trading on July 9, it exceeded $112,000 for the first time. Demand for the cryptocurrency has increased due to growing investor appetite for risk and sustained interest from institutional players.

The value of bitcoin rose to $112,052.24 in trading on Wednesday, July 9, reported CNBC. According to Binance, the bitcoin rate reached $112,030.02. Thus, the cryptocurrency updated the record for the first time since May. The last one was $111,999, it was set on May 22, the channel noted.

At the same time, on the CoinMarketCap and CoinGecko exchanges, the maximum bitcoin price for the day at the time of publication of this text remained below the May record.

Bitcoin has hit an all-time high in parallel with the rally of other risky assets, including stocks, writes Bloomberg. Since the beginning of 2025, the largest cryptocurrency by capitalization has risen in value by about 20%. The rise in bitcoin's value is due to increased investor appetite for risk combined with sustained demand from institutional market participants, accounts Reuters.

A stock rally led by Nvidia has helped bitcoin rise, CNBC agrees. Nvidia in trading on July 9 became the first company in history to surpass $4 trillion in market capitalization, but the artificial intelligence processor market leader didn't hold onto that achievement until the close of trading.

"Insatiable demand from stock market instruments such as ETFs and companies holding digital assets as a reserve has reinforced the continued demand for bitcoin," announced Spencer Hallarn, global head of over-the-counter trading at crypto investment company GSR, who was quoted by Bloomberg.

However, the digital asset market remains at the mercy of feverish sentiment on Wall Street in a year of volatility, the agency noted.

"Traders should remain vigilant for potential profit taking or macroeconomic developments that could trigger a correction, but for the moment the trend is unambiguously bullish," said Vincent Liu, investment director Kronos Research.

This article was AI-translated and verified by a human editor