CZ on Bitcoin breaking $122k ATH: ‘In a few years, this will be just a fraction’
Former Binance CEO and founder Changpeng ‘CZ’ Zhao commented on Bitcoin’s new all-time high, surpassing $122,000 for the first time in history. He believes it is just the start to bigger gains.
On July 14, the Binance founder shared some words of wisdom in a recent post to crypto traders who are still riding the wave from BTC (BTC) finally reaching over $122,000 for the first time in history.
Zhao, who claimed to have bought Bitcoin as early as 2014, compared the current excitement to the moment when BTC reached a value of $1,000 back in 2017.
“It took three years to reach an ATH of $1,000 again in January 2017. We were excited. Now, that is just a small fraction, less than 1% [of the current Bitcoin value],” said Zhao.
Looking back on it now, CZ believes that some time in the future BTC will reach a much larger value that will make the $120k milestone look miniscule in comparison.
“Today, you might be excited by the current ATH. In a few years, this will be just a fraction,” said CZ.
Bitcoin skyrocketing to new highs
At press time, Bitcoin has surged nearly 3.5% in the past 24 hours. The largest cryptocurrency by market cap has managed to surpass $120,000 earlier today and is soaring past the threshold at break-neck speed. Based on data from crypto.news, it is currently trading hands at $122,295.
Just after surpassing $120k, BTC soared as much as $2,000 in additional value, breaking through new thresholds that remained previously untouched since its historical debut in 2009. It officially took 16 years for BTC to reach beyond $120,000. So far, the token has stayed mostly on course for a rally, stabilizing around the $122,200 level.
At the moment, BTC is the fifth-largest asset by market cap, falling just behind Apple, Microsoft, NVIDIA and Gold. Its market cap currently sits at $2.43 trillion, having surpassed Amazon by a few billions.
Not only that, Bitcoin’s daily trading volume has also enjoyed gains from the ongoing rally. Compared to the previous trading day, BTC’s 24-hour trading volume has gone up by 94.2% as it reaches above $44 billion. This indicates an increase in recent market activity, with most of it coming from centralized exchanges like KCEX, Binance and CoinW.
