The crypto market is on fire today, with Bitcoin pushing back toward its all-time highs and altcoins joining the rally. BTC is currently trading around $112,152, holding just below its previous peak from May. This upswing is largely driven by a mix of macroeconomic optimism, strong trading activity, and growing institutional interest.
Bitcoin’s surge comes as investor sentiment improves in response to a weakening U.S. dollar and postponed trade tariffs. Expectations of Federal Reserve rate cuts later this year have also lifted risk appetite across financial markets. As investors turn to alternative assets, Bitcoin is benefiting from this increased confidence. Meanwhile, following a successful retest around $104,400, analyst Rekt Capital confirmed the downtrend is over, with targets now set at $120K and beyond.
Adding to the bullish mood, Santiment noted that retail FUD has historically signaled breakout moments, with smart money typically buying into the fear. Today’s pattern reflects that trend, pointing to further upside as BTC trades solidly above $112K.
The bullish momentum isn’t limited to Bitcoin. Several altcoins are rallying, led by Stellar (XLM), which jumped 11.7% amid renewed interest in its cross-border payments use case. Lido DAO (LDO) gained 11.1% as demand for liquid staking solutions grew. Memecoins are also seeing action, Dogwifhat (WIF) and Pepe (PEPE) both surged nearly 11%, showing speculative interest remains strong.
Ripple’s XRP rose over 5%, while Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) all climbed 4–6%, backed by increased trading volumes and broader market optimism. Sentiment was further boosted by corporate crypto endorsements from firms like GameSquare and SharpLink Gaming.
A significant part of Bitcoin’s move is being fueled by liquidations. In the past 24 hours, $465 million worth of short positions were wiped out, pushing prices higher. Total liquidations reached $529 million, showing the force of the short squeeze. Bitcoin’s daily trading volume jumped 45% to over $60 billion, while futures open interest rose to $79 billion, reflecting growing bullish sentiment.
Adding fuel to the rally, Congress is gearing up for “Crypto Week” from July 14–19, where lawmakers plan to push forward major crypto-related legislation. Key among them are the CLARITY Act, which would clarify jurisdiction between the SEC and CFTC, and the GENIUS Act, targeting stablecoin regulation. Leaders like Ripple’s Brad Garlinghouse and Coinbase’s Brian Armstrong are urging Congress to act fast.
Institutional confidence is also rising, with crypto assets appearing on more corporate balance sheets. Spot Ethereum ETFs have seen over $2 billion in inflows, showing growing demand for regulated exposure to crypto.
Macro trends are playing a big role too; the weakening U.S. dollar and delayed tariffs are making risk assets more attractive. As global equities rally on tech and AI enthusiasm, crypto is moving in sync, with Bitcoin’s resilience highlighting renewed investor trust.
The crypto market is up today due to a combination of factors, including increased institutional demand (e.g., from traditional financial firms), positive macroeconomic signals like a weakening U.S. dollar and anticipated Fed rate cuts, and a surge in investor confidence. Bitcoin has hit a new all-time high, pulling altcoins along with it.
“Crypto Week” (July 14-19) in the U.S. Congress will see lawmakers push for major crypto legislation, including the CLARITY Act (clarifying SEC/CFTC jurisdiction) and the GENIUS Act (stablecoin regulation).
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