Bitcoin once touched $119,900… Altcoins also rise

Bitcoin price has once again hit an all-time high. It momentarily soared to around $119,900, drawing significant investor attention.

According to the US virtual asset exchange Coinbase on the 22nd (local time), Bitcoin was traded at $111,286 around noon, up 2.45% from 24 hours earlier. This surpasses the previous record of $109,300 set in January, with the day's peak reaching an impressive $119,900.

The price, which had dropped to around $74,000 last month, has risen by approximately 50% in just a month and a half. Analysts suggest that the sharp increase in US Treasury bond rates, dollar weakness, and movements to reorganize cryptocurrency regulations have influenced this upward trend.

Particularly, the recently passed 'Stablecoin Bill' in the US Senate is considered one of the factors stimulating investment sentiment. The bill strengthens the issuance requirements and anti-money laundering standards for stablecoins pegged to the US dollar, opening the way for integration into the formal financial system. This implies increasing trust in cryptocurrencies.

Edward Carroll, Global Market Head at MHC Digital Group, stated, "Bitcoin is now recognized not just as a risky asset, but as a trusted asset that can overcome uncertain times."

Bitcoin is not the only one rising. Major altcoins are also showing an upward curve. Ethereum, the second-largest market cap cryptocurrency, was traded at $2,664, surging 4.37% in a day and nearly 50% in two weeks. Ethereum has recently completed the 'Pectra' upgrade to improve network speed and reduce fees.

Additionally, the meme coin 'Official Trump' rose 4.73% to trade at $15.49, while other major altcoins like Solana ($179), Dogecoin ($0.24), and Ripple ($2.43) are also showing strength.

Experts believe that as the perception of the cryptocurrency market changes, there is a high possibility of continued investment sentiment recovery and increased demand in the future.

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