The cryptocurrency market is experiencing a notable upward trend for the third consecutive day, with 99 of the top 100 digital assets by market capitalization reporting gains in the last 24 hours. The overall cryptocurrency market capitalization has surged by 1.3%, reaching $3.73 trillion, a substantial increase from yesterday’s figure of $3.45 trillion. Total trading volume within the crypto sphere has also seen a significant rise, now standing at $231 billion—up from $128 billion just a day prior.
Key Highlights:
- The cryptocurrency market capitalization has reached $3.73 trillion;
- 99 out of the top 100 digital assets are in positive territory;
- Bitcoin (BTC) achieved a new all-time high, trading at $117,586; Ethereum (ETH) crossed the $3,000 threshold;
- BTC has maintained price stability above $100,000 for 62 consecutive days;
- Investor sentiment has shifted towards greed;
- U.S. BTC and ETH spot ETFs have witnessed the second-highest inflows since their inception;
- Analysts remain overwhelmingly optimistic about Bitcoin’s future.
Crypto Movers
The crypto market has sustained a positive momentum, with all top 10 coins by market cap showing gains. Bitcoin has made headlines by breaking its previous all-time high, increasing by 5.6% in just one day and currently trading at $117,586.
Ethereum comes in as the second-best performer, gaining 6.5% and trading at $2,986. Notably, Dogecoin has recorded the highest increase among the top 10, rising 8.9% to reach a price of $0.1965. In contrast, Monero (XMR) is the only coin in the top 100 experiencing a decline, dropping 0.7% to $325.
Furthermore, several coins have surged into double-digit territory, with two assets posting increases of over 20%. Ethena (ENA) has risen by 20.7% to $0.347, while Sei (SEI) is up 20.6%, trading at $0.3183.
According to CoinGlass, approximately $1.25 billion in leveraged positions were liquidated in the past 24 hours, with short traders accounting for $1.1 billion of this figure. Bitcoin represented $658.43 million, and Ethereum contributed $250.89 million.
In financial news, the dollar is currently underperforming, the worst since 1973, which is having a positive impact on risk assets, including cryptocurrencies.
Positive Perspectives on Bitcoin
Gadi Chait, head of investment at Xapo Bank, noted that since May 8, Bitcoin has closed each day above $100,000, pointing to 62 days of price stability in this high valuation range. “This price consolidation over a significant period is indicative of Bitcoin maturing,” he stated.
He also emphasized that this week’s Bitcoin surge to an all-time high is a sign of robust institutional demand coupled with favorable macroeconomic factors. “Behind the scenes, institutional appetite is intensifying,” Chait added.
Chait further acknowledged that the stability and institutional inflow have remained strong amid substantial macroeconomic uncertainties and geopolitical tensions, a benchmark that many other perceived volatile assets would struggle to navigate.
James Toledano, Chief Operating Officer at Unity Wallet, suggested that the recent price increase can be attributed to a mix of macroeconomic optimism and considerable institutional involvement. He noted that inflows into exchange-traded funds (ETFs) and allocations from sovereign and corporate balance sheets play a critical role. Toledano also mentioned expectations of impending interest rate cuts by the U.S. Federal Reserve.
Moreover, he warned that a downturn in the traditional economy might enhance the appeal of digital assets. “The U.S. faces a significant debt crisis, with interest payments becoming a leading budget concern,” he observed. The declining dollar and sell-offs in bond markets are further indicators of this trend.
Ruslan Lienkha, chief of markets at YouHodler, pointed out that a sustainable move above $112,000 for Bitcoin could ignite a sharp rally, potentially pushing the price toward $130,000 before entering a new phase of price stabilization at unprecedented levels. He noted that this potential growth is underpinned by a supportive macro environment and a narrowing BTC supply.
However, Lienkha flagged several short-term risks stemming from evolving geopolitical and economic conditions, particularly trade tensions. “Despite these challenges, the longer-term outlook for Bitcoin appears very promising,” he remarked. “Institutional adoption is solidifying, the integration of cryptocurrencies into traditional financial systems is accelerating, and Bitcoin continues to be recognized as a hedge against monetary debasement. Additionally, regulatory clarity is improving, adding legitimacy to digital assets as a vital part of diversified investment portfolios.”
Key Levels and Upcoming Events
As of this writing, Bitcoin is trading at $117,586, having reached a new record high of $118,254 just prior. This marks a jump from an intraday low of $98,974. The asset has risen 8.1% over the past week, 7.6% in the past month, and 103% year-over-year.
Market observers are now focused on whether Bitcoin can breach the significant resistance levels of $119,000 and $120,000.
Simultaneously, Ethereum is currently at $2,986, having briefly surpassed the $3,000 mark earlier today at $3,019. It has retreated slightly but analysts remain optimistic about its potential for further growth. Over the past week, Ethereum is up 17.1% and 7.4% in the last month, while down 3.5% year-on-year. The key support levels are seen around $2,950 to $3,050.
Market sentiment has shifted into a state of greed, with the Fear and Greed Index rising from 58 to 67, its highest reading in a month. This signals potential overconfidence among investors, which might drive Fear of Missing Out (FOMO) behaviors leading to inflated prices.
On July 10, US BTC spot ETFs saw a substantial inflow of $1.18 billion, a substantial increase from $218.04 million just the previous day and marking the second-highest inflow ever, after a peak of $1.38 billion in November 2024. BlackRock contributed $448.49 million, followed by Grayscale with $324.34 million, and Ark & 21Shares with $268.7 million.
US ETH ETFs similarly experienced notable inflows, totaling $383.1 million, marking the highest inflow in six months and second only to the all-time high of $428.44 million from December 2024. Of this amount, BlackRock accounted for $300.93 million, while Fidelity brought in $37.28 million.
The trend of institutional and corporate participation in the crypto market is also on the rise. One recent instance includes NRW.BANK, a state-owned development bank in Germany, issuing a €100 million ($116.7 million) blockchain-based bond on the Polygon network, with participation from renowned financial institutions such as Deutsche Bank, DZ BANK, and DekaBank.
NRWBANK, Germany’s largest regional development bank, has tokenized its first fully digital bond, with support from leading financial institutions like @DeutscheBank, @dzbank, and @DekaBank.
Polygon will serve as the rails for the EUR 100 million bond, registered via Cashlink as… pic.twitter.com/37jqqQpz8F
— Polygon (@0xPolygon) July 10, 2025
Frequently Asked Questions
Why did crypto move with stocks today?
The recent surge in the crypto market coincided with a mixed performance in the U.S. stock market, despite uncertainties regarding U.S. trade policy. The S&P 500 rose by 0.27%, while the Nasdaq-100 declined by 0.16%, and the Dow Jones Industrial Average increased by 0.43%. Renewed concerns over tariffs, inflation, and global trade relations were largely dismissed by investors.
Is this rally sustainable?
Analysts broadly believe the current rally is sustainable, with ample growth potential remaining for the year. However, they also caution that typical market corrections and pullbacks may occur.
