Bitcoin Hits Over $110,000 for the First Time
Bitcoin has gone above $110,000 for the first time ever, boosted by big investments from companies and other positive factors.
According to Coinbase, Bitcoin hit a new high of $110,774 on Wednesday evening. Binance also showed a similar peak at $110,724 earlier in the day. As of 9:05 p.m. ET on Wednesday, Bitcoin was still holding strong, trading at around $110,387 — up 3% for the day.
Min Jung, an analyst at Presto Research, said that this jump in price is mostly because companies like Strategy, Metaplanet, and Twenty One Capital are buying and holding large amounts of Bitcoin. He noted that, unlike past price increases, this time the rise is being driven by long-term investors and big institutions, not just individual buyers.
One of the major buyers is Michael Saylor’s company, Strategy. It recently bought 7,390 more Bitcoins, bringing its total to 576,230 BTC. Strive Enterprises, a company co-founded by Vivek Ramaswamy, is also planning to build a Bitcoin reserve using 75,000 BTC (worth about $8.2 billion) it expects to get from the Mt. Gox estate.
Roshan Robert, head of OKX’s U.S. operations, said several factors are helping Bitcoin rise — including more interest in Bitcoin ETFs, economic uncertainty, supportive regulations, and companies choosing to hold Bitcoin as part of their reserves.
“Put all these things together with Bitcoin’s limited supply, and you get the perfect conditions for a strong comeback,” Robert said.
Presto Research believes this is just the beginning of a big shift in how Bitcoin is seen by institutions. Jung added that their price prediction of $210,000 for 2025, first made in late 2024, is still the same.
