Bitcoin Sets New All-Time High Above $117,000, Surpasses Google in Market Cap

Bitcoin surged past the $117,000 mark this morning, setting a remarkable new all-time high. At the time of writing, BTC is trading at $116,365, reflecting a 4.47 percent increase over the past 24 hours. The rally has propelled the broader cryptocurrency market into a strong upward trajectory. The global cryptocurrency market is now valued at $3.71 trillion, reflecting a 1.3 percent increase over the past 24 hours.

With a market capitalization of $2.32 trillion, Bitcoin now ranks 6th among all global assets by market cap. It has officially surpassed Alphabet (Google), which holds a market cap of $2.161 trillion. Often dubbed "digital gold" for its store-of-value properties, Bitcoin is the only cryptocurrency to appear in the global top asset rankings. Gold remains the top asset, with a commanding lead at $22.461 trillion.

The sharp price movement triggered widespread liquidations across leveraged positions. According to data from Coinglass, total liquidations in the crypto market reached $1.13 billion over the past 24 hours. Short positions bore the brunt of the impact, with $1.01 billion liquidated, compared to $118.92 million in long positions. In total, 233,708 traders were liquidated. The largest single liquidation occurred on HTX’s BTC-USDT pair, involving a position worth $88.55 million.

Coinbase Premium Index Indicates Sustained Market Interest

This price movement follows recent on-chain data pointing to improving market sentiment.

On July 10, CryptoQuant analyst burakkesmeci reported that Bitcoin reached $112,014, while the Coinbase Premium Index climbed to 42 points. This premium indicates that buyers on Coinbase were paying $42 more per Bitcoin compared to buyers on Binance, suggesting strong demand from U.S. Investors. Notably, this index had reached an even higher level of 87.76 points last week, reflecting even stronger buying pressure at that time.

The analyst highlighted that the Coinbase Premium Index is a key gauge of U.S. investor demand. A positive premium generally points to increased interest from institutional or retail investors. Even after reaching a new all-time high, demand remains strong, which potentially indicates that the bull market is not yet over.