Journalist
Sead Fadilpašić
Journalist
Sead Fadilpašić
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Cryptocurrencies are experiencing a surge today, extending gains for a third consecutive day. Across the market, 99 out of the leading 100 cryptocurrencies, ranked by market capitalization, have seen their values increase in the last 24 hours. This positive trend has pushed the overall cryptocurrency market capitalization to $3.73 trillion, marking a considerable jump from the $3.45 trillion recorded the previous day. The total volume of crypto transactions has also risen sharply, reaching $231 billion, compared to $128 billion yesterday.
TLDR:
Top Performing and Underperforming Cryptocurrencies
The cryptocurrency market continues its upward trend for the third consecutive day, with all top 10 cryptocurrencies by market capitalization also experiencing gains.
Bitcoin (BTC) has broken its previous record high, currently trading at $117,586 after a 5.6% increase in value.
Also, Ethereum (ETH) is another standout performer in this category, having appreciated by 6.5% and is currently valued at $2,986.
Dogecoin (DOGE) saw the highest increase among the top 10, surging by 8.9% to a price of $0.1965.
Notably, only one cryptocurrency among the top 100 experienced a decrease today. Monero (XMR) decreased slightly by 0.7%, trading at $325.
On the other hand, several cryptocurrencies demonstrated double-digit growth, with two exceeding a 20% increase in value.
Ethena (ENA) increased by 20.7% to reach $0.347, and Sei (SEI) rose by 20.6%, reaching $0.3183.
According to CoinGlass, around $1.25 billion in leveraged positions have been liquidated in the last 24 hours, with short traders accounting for $1.1 billion. Source
Out of this total, Bitcoin positions accounted for $658.43 million, while Ethereum positions made up $250.89 million.
Furthermore, the current poor performance of the US dollar since 1973 may be providing fuel for risk assets, including cryptocurrencies.
Bitcoin’s Prospects: Extremely Optimistic
Gadi Chait, the Head of Investment at Xapo Bank, noted that Bitcoin’s price has consistently remained above $100,000 since May 8. “This constitutes 62 days of price stability in the six-figure range,” Chait stated. “For an asset known for its volatility, this sustained price consolidation shows that Bitcoin is maturing.”
Chait also added that Bitcoin’s surge to an all-time high this week reflects strong demand from institutional investors, coupled with positive macroeconomic factors. He suggests that institutional investors are aggressively accumulating Bitcoin.
He also mentioned that this stability and the influx of institutional capital have persisted despite major macroeconomic uncertainty and global geopolitical tensions. Chait argues that this resilience is “a test that many other so-called ‘volatile assets’ would struggle to pass.”
James Toledano, Chief Operating Officer at Unity Wallet, believes that the recent price surge is influenced by positive macroeconomic sentiment and significant institutional investment. This institutional activity is evident in the form of ETF inflows, and sovereign wealth and corporate balance sheet allocations. Also, discussions about potential interest rate cuts by the US Federal Reserve are taking place.
Furthermore, Toledano suggests that a worsening economic situation in the traditional financial system could actually benefit digital assets. “The US is dealing with a significant debt crisis, where interest payments on this debt form the largest part of the budget,” he explained. The weakening dollar and sell-offs in bond markets are also causes for concern.
“A reckoning is surely coming, but this could be beneficial for the strongest crypto assets as capital seeks refuge in new safe havens,” Toledano noted.
According to Ruslan Lienkha, chief of markets at YouHodler, a decisive break above $112,000 for Bitcoin “could initiate a significant upward surge, possibly reaching the $130,000 range before a new period of consolidation at levels never seen before.”
He added that this potential movement is “supported by a broadly favorable macroeconomic environment,” as well as the decreasing supply of Bitcoin available.
However, there are also some short-term risks, like evolving political and economic conditions, especially concerning trade tensions.
“Despite these potential challenges, the mid- and long-term outlook for Bitcoin remains overwhelmingly positive,” Lienkha stated. “Institutional adoption is increasing, the incorporation of crypto into traditional financial systems is accelerating, and the idea of Bitcoin as a protection against currency devaluation remains valid. In addition, improved regulatory clarity in major markets is further legitimizing digital assets as essential parts of diversified investment portfolios.”
Key Levels and Events to Monitor
At the time of this article, Bitcoin is trading at $117,586. It reached a new all-time high of $118,254 just an hour prior to this article. This surge followed a drop to an intraday low of $98,974. The price has increased by 8.1% over the past week, 7.6% over the last month, and 103% over the past year.
Analysts and investors are keenly observing whether Bitcoin will surpass the $119,000 and $120,000 milestones.
Moreover, Ethereum is currently valued at $2,986. It briefly exceeded the $3,000 mark again, reaching $3,019 earlier this morning (UTC). After a slight pullback, analysts believe that it could continue to climb higher. Overall, it’s up 17.1% for the week and 7.4% for the month. However, it has decreased by 3.5% over the past year.
Key support levels to watch are between $2,950 and $3,050.
Also, market sentiment in the crypto space has greatly increased and entered a state of greed. The Fear and Greed Index has risen from 58 yesterday to 67 today, reaching its highest level in a month.
This could indicate some caution for investors. While not at an extreme level, this score suggests potential overconfidence. This can lead to a fear of missing out (FOMO), which, in turn, can result in inflated prices.
Furthermore, on July 10, US Bitcoin spot exchange-traded funds (ETFs) experienced a massive increase in inflows. The inflows totaled $1.18 billion, compared to $218.04 million on July 9. This is the second-highest amount ever recorded, only surpassed by the $1.38 billion seen in November 2024.
BlackRock accounts for $448.49 million of these inflows. Grayscale follows with $324.34 million, and Ark & 21Shares with $268.7 million.
Similarly, US Ethereum ETFs had sizable inflows of $383.1 million on the same day. This marks the highest amount in six months, second only to the $428.44 million observed in December 2024.
Of this, BlackRock acquired $300.93 million, while Fidelity gained $37.28 million.
In the meantime, institutions and corporations continue to express increased interest and enter the cryptocurrency space.
Recently, NRW.BANK, a state-owned development bank in Germany, issued a €100 million ($116.7 million) bond based on blockchain technology on the Polygon network.
The bank utilized Cashlink Technologies’ BaFin-licensed crypto securities registrar infrastructure to register the bond. Investment firms like Deutsche Bank, DZ BANK, and DekaBank participated in the offering as joint lead managers.
Quick FAQ
- What Factors are Influencing Cryptocurrency’s Correlation with Stocks Today?
While the cryptocurrency market experienced a surge, the US stock market presented a mixed landscape on Thursday. Uncertainty surrounding US trade policies persisted. As examples, the S&P 500 gained 0.27%, the Nasdaq-100 decreased by 0.16%, and the Dow Jones Industrial Average increased by 0.43%. Concerns stemming from US policies regarding tariffs, which could impact inflation and global trade wars, were present. However, investors appeared to downplay these concerns.
- Is the Current Bull Run expected to last?
According to analysts, the ongoing rally should continue. The crypto market has further room to expand during the remainder of the year. However, pullbacks and significant corrections remain a possibility.