Ethereum’s value exceeded $3,000 earlier today, a milestone not seen since February.
The surge in digital asset values continued on Friday, July 11, with Bitcoin (BTC) achieving yet another record high. It shattered previous all-time highs, surpassing $118,000 in early trading today—a day after exceeding $112,000 for the first time.
Since reaching that peak, the leading cryptocurrency has slightly decreased to $117,740, still reflecting a 6% gain for the day and a 9% rise over the past week. The current market capitalization of BTC is around $2.34 trillion.
Thomas Perfumo, Global Economist at Kraken, stated, “Bitcoin is exploring uncharted territory in price discovery, breaking out of a multi-month consolidation and exceeding its May high with new peaks above $116,000.”
Perfumo also mentioned that broader market dynamics are playing a role:
“Simultaneously, the strength observed in U.S. stock markets, trading at or approaching all-time highs, reflects a healthy appetite for risk, which supports the crypto market.”
Ethereum (ETH), the second-largest cryptocurrency in terms of market capitalization, is also posting significant gains today. ETH has climbed almost 8%, trading near $2,994 after briefly surpassing $3,000 earlier to hit $3,027. While this is the highest value ETH has seen since February, it’s still considerably below its all-time high of $4,878, reached in November 2021.
Other top-tier cryptocurrencies are also experiencing a rally: XRP and Dogecoin (DOGE) both registered double-digit percentage gains, while Solana (SOL) is trading more than 6% higher at $166.
The total value of the cryptocurrency market is now approximately $3.76 trillion, according to CoinGecko, an increase from $3.59 trillion just the previous day. Total cryptocurrency trading volume over the last 24 hours is presently $267 billion, marking a continuation of steady growth observed throughout the week, as indicated by CoinGecko data.
Significant Liquidations and ETF Activity
In related news, data from CoinGlass shows that over $1.31 billion in cryptocurrency positions were liquidated in the past 24 hours. A significant portion of these liquidations came from short positions, totaling $1.16 billion—representing the largest single-day short liquidation event since 2021. BTC liquidations accounted for almost $681 million, followed by ETH at nearly $262 million.
U.S. spot Bitcoin ETFs experienced their second-largest daily inflows on record on July 10, attracting almost $1.2 billion, according to SoSoValue. The largest daily inflow for BTC spot ETFs was $1.38 billion on Nov. 7, 2024. Spot ETH ETFs saw smaller inflows, totaling $383 million. This marks the sixth consecutive day of net inflows for both types of investment products.
Broader Market Factors
Experts suggest that the recent upswing reflects a renewed interest in digital assets driven by a combination of macroeconomic uncertainty, institutional investment, and increased risk-taking in traditional financial markets.
Nicolai Sondergaard, a research analyst at Nansen, stated, “Recent policy changes in the U.S., like fiscal expansion and expectations of further monetary easing, have established an environment that’s undoubtedly positive for Bitcoin,” further adding:
“We are seeing more and more companies adopt Bitcoin treasury strategies, showing growing institutional confidence in BTC as a valuable asset to hold.”
Bitcoin treasury-holding companies, such as Strategy and Metaplanet, now collectively hold around 725,000 BTC, which is about $85.5 billion, or 3.64% of all BTC currently available, as reported by The Defiant on July 10.
Sondergaard also noted that BTC recently surpassed and maintained its position above critical liquidation levels, indicating the potential for further upward movement. “This triggered a broader rally throughout the crypto market, as many other tokens followed Bitcoin’s upward trend.”
From a wider perspective, Sondergaard highlighted the anticipation surrounding President Donald Trump’s One Big Beautiful Bill Act (OBBA) as a factor. He explained that this “could mean more fiscal stimulus and money creation, generally supporting Bitcoin’s reputation as a safeguard against currency devaluation.” He suggested this could be a major reason for the latest Bitcoin surge.
Regarding ETH market sentiment, Sondergaard stated that “there’s a growing feeling that the worst is over and optimism is returning,” allowing ETH to benefit from this improved outlook and overall market rally.