The crypto market is heating up today with Bitcoin surging to a new all-time high on leading crypto exchanges. Other top cryptocurrencies also followed, spiking to multi-month highs in the past 24 hours. At one point, Bitcoin climbed just over $112,000, its ATH zone, but later dropped a little to consolidate the gain from yesterday. It currently trades around $111,000 as per latest market data.
Ethereum also showed an uptrend at the same time. It’s now trading at about $2,785, which is almost up 7% in the last 24 hours. Moreover, XRP, Solana, and Cardano all saw significant gains. XRP rose by over 5%, Solana went up by almost 4%, and Cardano added just over 6%, all in the last 24 hours. The crypto market capitalization now sits around $3.47 trillion.
One of the reasons for the rise is the upcoming Crypto Week in the U.S., which is set to begin in just four days. It’s going to be a busy week filled with crypto talks and events. Many traders and investors are feeling hopeful again, and fresh money is entering the market.
Another key reason is the large flow of cash into crypto ETFs through sponsors like BlackRock, Grayscale, and Bitwise. As per SoSoValue data, on July 9 alone, over $218 million inflow was recorded for the U.S. BTC spot ETFs. This was a significant increase from the previous day’s record of $80.08 million daily net inflow. Over the past week, approximately $7 billion entered these funds. So far this year, they’ve seen more than $50 billion in total inflow. This has created more liquidity in the crypto market.
The wider market mood is also helping. The U.S. dollar is falling, and many believe interest rates might drop soon. A post on X stated that, “While the U.S. debt reaches a new all-time high, the DXY has just hit a historically weak level, currently trading 6.5 points below its 200-day moving average, marking the largest deviation in the past 21 years.” That’s bringing more investors to put money into crypto.
In addition, over $460 million in short positions were wiped out over the last night, which added pressure to drive prices further up.
Bitcoin is now close to hitting a record high. If it manages to break past that and holds, it price could move up to $120,000. But if it drops, the next strong level is around $107,500, and after that, it could be $105,500. Traders are watching closely.
In essence, the mix of strong buying, ETF inflows, and fresh hope in the market is why crypto is rising today.
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