Bitcoin hit a new all-time high of S$145,404 (US$113,603) on Jul. 11 (Singapore time).
The first cryptocurrency rallied more than 44 per cent in the last three months, after it fell to a low of S$100,675 in April 2025, when U.S. president Donald Trump hit nations with steep tariffs.
Price rose by about 4.5 per cent in the last five days.
What caused rally
The current rally was attributed to market momentum driven by spot demand and institutional accumulation.
Those shorting bitcoin also ended up buying bitcoin to cover their positions, which drove demand further up.
The total cryptocurrency market capitalisation grew 3.4 per cent to US$3.57 trillion (S$4.57 trillion) in 24 hours.
Optimists are looking at bitcoin possibly soaring to US$133,000 (S$170,000) by September.
Top photo via Unsplash
