The price of Bitcoin (BTC) briefly topped $112,000 U.S. on July 9, hitting an all-time high in the process.
The largest cryptocurrency by market capitalization rose 2.4% to touch a record high of $112,021 U.S. before pulling back to trade at $111,123.20 U.S.
Bitcoin’s rally to an all-time high came on the same day that Nvidia (NVDA) achieved a $4 trillion U.S. market capitalization, becoming the first publicly traded company to reach that milestone.
Cryptocurrencies and digital assets tend to move in tandem with growth stocks such as chipmaker Nvidia and other mega-cap technology names.
While it isn’t clear why Bitcoin pulled back after breaking above $112,000 U.S., it’s not unusual for crypto to retreat after hitting record levels and other milestones.
Bitcoin’s rise has helped to lift other cryptocurrencies, with Ethereum (ETH) gaining 6.6% in the past 24 hours to trade at $2,777.50 U.S.
Smaller cryptocurrencies such as Solana (SOL) and XRP (XRP) have gained 3% in the last day. Crypto trades around the clock, seven days a week, 24-hours per day.
Bitcoin’s price has now risen 19% this year.
