The cryptocurrency market is ablaze today with bullish momentum as Bitcoin (BTC) surges past the $104,000 mark, moving towards its all-time high, while Ethereum (ETH) climbed to $2,400, before pushing back in $2,300 range.
Other major altcoins across the board are also riding the wave, with many posting double-digit gains as the market heads into the weekly close. This latest rally is fueled by heightened investor optimism and institutional interest.
Bitcoin Briefly Touches $104,000
In the renewed momentum, Bitcoin soared as high as $104,116 a few hours ago, gaining 3.60% in the past 24 hours. The flagship crypto has gained over 6% in the past week, driven by strong institutional inflows, favorable macroeconomic conditions, and renewed retail investor enthusiasm.
At the time of writing, Bitcoin is trading near $102,850, with a 24 hour trading volume of $2.04 trillion.
Analysts attribute BTC’s meteoric rise to the ongoing adoption of spot Bitcoin ETFs, which have seen record inflows in recent weeks, alongside anticipation of further regulatory clarity in major markets.
Ethereum (ETH) Catches All Attention
Ethereum, on the other hand, has received major attention from traders, investors and analysts today, rallying to $2,400 with a 20% pump. The surge comes as Ethereum goes through a major development of Pectra upgrade earlier this week.
Additionally, the recent attention to Ethereum also coincides with speculations that it has constantly performed weakly compared to other crypto assets and now it’s time for ETH to shine.
At the time of writing, ETH is trading near $2,360, up 21% in the past 24 hours. It currently has a 24-hour volume of $51.12 billion, which has increased 140% since it caught up with the uptrend.
Altcoins Join the Rally
Following both the leaders, BTC and ETH, the altcoin market is also experiencing a broad-based rally, with several top performers posting impressive gains. Solana (SOL) surged 12% to $175, while XRP saw a 10% jump to $2.41 in the past 24 hours.
Cardano (ADA) has also climbed 11% to $0.79, but BNB and TRX have surged by minimal gains of 4% and 5% respectively. Meanwhile, meme coins like Dogecoin (DOGE) PEPE, and Shiba Inu (SHIB) saw gains of 10% and 30%, respectively, riding the wave of retail investor hype. Other notable performers include SUI’s 8% spike and Avalanche (AVAX), which gained 13% today.
Trending Crypto Today
- ETH (Ethereum)
- PI (Pi Coin)
- PEPE (Pepe)
- MOODENG (Moo Deng)
- DOGE (Dogecoin)
Top Gainers Today
- PEPE (Pepe): +41%
- FARTCOIN (Fartcoin): +28%
- BRETT (Brett): +26%
- VIRTUAL (Virtuals Protocol): +24%
- ENA (Ethena): +23%
Top Losers Today
- FORM (Four): -4%
- LEO (UNUS SED LEO): -1%
Market Sentiment and What’s Next
Market sentiment remains overwhelmingly bullish, with the Crypto Fear & Greed Index nearing “Extreme Greed” territory at 70/100. Traders are closely watching key support and resistance levels as the market approaches the weekly close.
For Bitcoin, $100,000 is now seen as a critical support level, while $110,000 is the next major resistance. Ethereum’s immediate support lies at $2,200, with $2,500 as the next target. However, analysts caution that volatility could spike in the near term.
As per CoinMarketCap data, the global crypto market cap has surged 5.59% today with it now sitting at $3.27 trillion. The 24 hour trading volume for crypto markets has raised to $202 billion, a staggering 73% surge.
Also read: Hayes: Bitcoin to Hit $1M by 2028 as U.S.-China Deal Falters
