Bitcoin Price Hits $122K How CZ Predicts Even Bigger Gains Ahead

Bitcoin price has reached a new all-time high, crossing the $122,000 mark for the first time in its history. Former Binance CEO Changpeng ‘CZ’ Zhao shared insights, suggesting the current milestone is only the beginning. He compared today’s excitement to the earlier $1,000 peak in 2017, claiming future gains could make $120,000 seem minimal.

CZ Says Bitcoin ATH Is Just Beginning

Changpeng Zhao stated that Bitcoin’s price may soon outgrow its current highs and break even more significant records. He referred to the rally of 2017, when Bitcoin reached the mark of 1,000, and traders remember how minor that is now. Today, you might be aware of the current ATH. This will be a fraction in a few years, he added.

Zhao also added that people need to remain relatively modest in the long term perspective and not forget their feet with the increasing momentum. He states that, according to historical information, these price changes are part of a greater upward trend. His comments appeared soon after the Bitcoin price soared beyond $120,000.

 

He stated that he had purchased Bitcoin in 2014, watching it as it ran through several market cycles. According to the founder of Binance, the trading platform made it back to the $1,000 high after other crashes after three years. That pattern, he noted, aligns with current movements as Bitcoin price gains fresh traction.

Bitcoin Surpasses Amazon in Market Value

Bitcoin has now become the fifth-largest asset globally by market capitalization, surpassing Amazon’s total value. It is presently ranked behind such tech leaders as Apple, Microsoft, NVIDIA, and the world’s gold reserves. With a market cap of $2.43 trillion, Bitcoin’s price movements reflect growing institutional interest.

The recent Bitcoin price rally gained speed after it crossed $120,000, adding another $2,000 within hours. It is currently priced at about $122,295, indicating robust bullish tensions in centralized exchanges. In this upsurge, KCEX, Binance, and CoinW recorded a rise in transaction activity.

The volume of trading has also soared, showing a high level of market liquidity and investor interest in this price run. Over the past 24 hours, Bitcoin’s trading volume increased by 94.2%, reaching more than $44 billion. Its growth was driven by most of the trading that occurred in centralized platforms.

Bitcoin Price Holds Strong After $120K Break

The rise in Bitcoin’s price has triggered increased market activity among retail and institutional investors worldwide. Since breaking above the $120,000 threshold, Bitcoin has maintained stable trading behavior around $122,200. With this performance and the possible setup of higher gains, the levels of support are high.

Analysts believe Bitcoin’s recent growth could lead to further bullish moves if current momentum continues. Although there are some short-run corrections, long-term charts exhibit the ongoing power in the bullish run. Bitcoin price trends suggest ongoing confidence from global investors.

There has been a rise in activity in the crypto market, and BTC traded well above the other altcoins in volume and market share. The recent surge reaffirms Bitcoin’s position as the leading cryptocurrency. Bitcoin’s price has demonstrated resilience and continues to attract mainstream attention.

Summary

Bitcoin’s price has hit a historic all-time high, crossing $122,000 and gaining attention worldwide. Changpeng Zhao, former CEO of Binance,does not believe that this is the peak and reckons that further gains are on the way. As its market cap exceeds that of Amazon and the amount of its trading rises, Bitcoin has rightfully taken its position as one of the most valued global assets. 

FAQs

Why did Bitcoin price reach a new all-time high?

Bitcoin price hit a new high due to growing investor confidence, institutional buying, and increased trading activity across major exchanges.

What did CZ say about Bitcoin’s future?

CZ stated the current price surge is just the beginning and predicted that Bitcoin price will rise significantly in the future.

How long did it take for Bitcoin to reach $122,000?

It took nearly 16 years since Bitcoin’s launch in 2009 to cross the $122,000 mark.

What is Bitcoin’s current market cap?

Bitcoin’s market cap currently stands at $2.43 trillion, placing it as the fifth-largest asset in the world.

Which exchanges reported the highest trading activity?

KCEX, Binance, and CoinW reported the highest Bitcoin trading volumes during the recent surge.

Glossary of Key Terms

Bitcoin price: The current value of one Bitcoin in the open market.

All-Time High (ATH): The highest price point Bitcoin or any asset has ever reached.

Market Cap: The total market value of a cryptocurrency, calculated by multiplying the current price by total supply.

Trading Volume: The total value of Bitcoin traded during a specific period, usually 24 hours.

Centralized Exchange: A crypto platform controlled by a company, such as Binance or KCEX, where users can trade cryptocurrencies.

References:

X

Coinomedia

CoinMarketCap

 

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