Bitcoin surged to new all-time highs on Thursday (July 10), aided by robust demand from institutional investors and the crypto-friendly stance of US President Donald Trump’s administration, news agency Reuters has reported. The world’s largest cryptocurrency peaked at $116,046.44 by 9:27 PM GMT, surpassing its earlier record of $113,734.64 set earlier in the day. Bitcoin is now up approximately 24% this year.
Altcoins and crypto stocks join the ‘Bitcoin Rally’
The broader cryptocurrency market also saw significant gains. Ethereum climbed 3.01% to $2,905.24 by 9:30 PM GMT. Altcoins, which had seen waning investor interest this year, joined the rally for a second consecutive day. Ether and Solana (SOL) tokens each gained over 2%, while Dogecoin and Cardano’s token advanced more than 5%. XRP and Litecoin also rose by 3%.The rally comes amidst a backdrop of supportive policies from the Trump administration, the report added. In March, Trump signed an executive order establishing a strategic reserve of cryptocurrencies. He has also appointed several individuals with pro-crypto views to key positions, including Securities and Exchange Commission member Paul Atkins and White House artificial intelligence czar David Sacks.Furthermore, Trump’s family businesses are making their own inroads into the crypto space. Recent filings revealed that Trump Media & Technology Group is exploring the launch of an exchange-traded fund (ETF) that would invest in various crypto tokens, including Bitcoin.Crypto-related stocks also experienced an uptick. Bitcoin mining companies Mara Holdings and Riot Platforms each rose more than 2%, while crypto trading platforms Coinbase and Robinhood both advanced by 4%.Bitcoin has maintained a relatively tight trading range for several weeks, with its price consistently staying above the $100,000 mark for over 60 consecutive days. This stability has been supported by billions of dollars flowing into Bitcoin ETFs.