Cryptocurrencies Surge: Bitcoin Nears All-Time High at $110K, With Ethereum and Dogecoin Following Suit
On the Rise 🚀
Just yesterday evening, Bitcoin burst past the $110,000 barrier for the first time in two hard-felt weeks. This surge comes as optimism swirls about lingering trade talks between the US and China, offering potential relief to trade tensions.
Bitcoin currently hovers around $110,100, clambering up 3.5% over the past 24 hours. Over the last seven days, it's scaled nearly 5%, having dipped as low as $101,000 on June 5—a part of a longer slump that stretched back to late May.
Boasting a hefty price tag of $110,100, Bitcoin is merely 2% shy of its all-time high set in May. Joe DiPasquale, CEO of bitcoin-focused fund manager BitBull Capital, believes this could mark a resurgence of bullish vibrations after a season of consolidation. If Bitcoin manages to hold this level, DiPasquale predicts a charge toward the $120,000 range.
Ethereum, the second-largest cryptocurrency by market capitalization, floats above $2,640, bolstered by a 4.5% hike. Solana, Ethereum's main competitor, rocks a 3% climb to an impressive $158. Even meme coins, struggling in recent weeks, have seen a slight upswing, with Dogecoin and Shiba Inu experiencing rises of 4.5% and 2.5%, respectively.
This rally has coincided with the US and China rekindling their conversations about trade tariffs. The tech-conscious Nasdaq and S&P 500 also saw modest gains, hovering at a few fractions of a percentage point higher on Monday.
The crypto market has witnessed nearly $323 million worth of short positions getting liquidated in the past day, with Bitcoin accounting for $196 million. As investors retreated amidst trade issues and economic uncertainties, spot Bitcoin exchange-traded funds shed assets on five out of seven days. Intriguingly, Ethereum ETFs have recorded positive inflows for 15 consecutive days.
According to 10X Research, Bitcoin is on the precipice of a breakout, and the present market setup deviates significantly from what most investors had foreseen just a few weeks ago. Negative funding rates, a pattern of market bottoms, and a sudden swell in spot demand lend credence to a high-conviction signal.
Edited by Andrew HaywardEditor's note: This story was updated after initial publication to include additional comments.
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Expert Insights
- AI models anticipate Bitcoin will likely oscillate between $105,000 and $112,000 by June 30 [5].
- Analyst Tom Lee from Fundstrat envisions Bitcoin ascending to levels between $120,000 and $125,000 by June 2025, with even higher prices possible by year-end [1].
- Bitcoin standing firm above $108,000 could propel it toward the $120,000 mark if whale accumulation persists and price momentum maintains [2].
- The crypto market is currently experiencing a surge, with Bitcoin climbing past the $110,000 barrier, and Ethereum, the second-largest cryptocurrency, recording a 4.5% hike.
- Solana, Ethereum's main competitor, has a 3% climb, and even meme coins like Dogecoin and Shiba Inu are experiencing slight upswings.
- According to 10X Research, the present market setup for Bitcoin exhibits a high-conviction signal, suggesting a possible breakout in the near future.
- AI models predict that Bitcoin will likely oscillate between $105,000 and $112,000 by June 30, and analyst Tom Lee from Fundstrat envisions Bitcoin ascending to levels between $120,000 and $125,000 by June 2025, with even higher prices possible by year-end.
