Bitcoin, the leading cryptocurrency by market cap, surged above the $111,000 level earlier this Wednesday, reaching an intraday high of $111,052 on the Bitstamp exchange.
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The flagship coin is now just a hair's breadth away from surpassing its current record peak of $112,000 that was logged on May 22.
Bitcoin tried and failed to reach a new record peak on July 3, but Bitcoin bulls appear to be firmly in control this time around.
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According to data provided by CoinGlass, more than $187 million worth of short positions got liquidated over the past 24 hours alone.
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The cryptocurrency is nearing a new peak amid robust spot ETF inflows as well as growing corporate adoption.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team