The crypto market has staged a powerful rally today, with the total market cap climbing over 5.24% in the past 24 hours to $3.65 trillion. Trading volumes exploded by 47.14%, reaching a staggering $208.23 billion, signaling massive participation behind the move. While the Fear & Greed Index holds at a neutral 67, momentum is clearly favoring the bulls.
We had numerous fundamental drivers today, ranging from record-breaking ETF inflows to aggressive short liquidations. Bitcoin ETFs pulled in $1.17 billion in net inflows on July 10 alone, while Ethereum continued to benefit from the momentum around its staking ecosystem and ETF developments. Meanwhile, marketers are closely watching the upcoming “Crypto Week” in the U.S. Congress on July 14, which could shape long-term regulatory clarity.
Bitcoin has led the charge with an impressive breakout to a new all-time high of $118,339.82, posting a 6.11% gain over the past 24 hours. The price pierced through the resistance at $117,000, on the back of aggressive short liquidations worth $570 million.
This move triggered a cascade of stop losses and short covers, pushing BTC sharply higher. The record $1.2 billion in ETF inflows added fuel to the rally, effectively tightening the available supply on exchanges.
Technically, the daily chart reveals an ascending triangle breakout with strong volume confirmation. If this trend continues, Bitcoin could test the $121,000 to $122,500 range in the next 24 hours. That being said, we cannot rule out the immediate support near $114,800, which could act as a retest level before another leg up.
Check out our Bitcoin (BTC) Price Prediction 2025, 2026-2030!
Ethereum, too, saw significant upside today, climbing 8.76% to trade at $3,024.90. ETH saw a 32.7% jump in daily volume, hitting $37.26 billion. The recent rally was triggered in part by short covering, as the token reclaimed levels above the $2,600 “max pain” point from recent options expiry. Additionally, on-chain data reveals that whales accumulated $358 million worth of ETH in the past 24 hours, a strong sign of growing institutional confidence.
Looking at the chart, Ethereum is breaking out of a cup-and-handle pattern on the 4-hour chart. With momentum on its side and RSI still below extreme overbought territory, ETH appears poised to test the $3,120 to $3,180 zone in the near term. Support is now seen at $2,920, which was a key resistance flipped into support.
Also read our Ethereum (ETH) Price Prediction 2025, 2026-2030!
XRP is no laggard either, climbing 6.55% on the day to trade at $2.58, supported by strong buying interest and a surge in trading volume to $6.83 billion. The main catalyst appears to be growing optimism around a final resolution in the long-running Ripple vs. SEC case. Reports hint at the final terms of the settlement being reached, boosting investor confidence.
Technically speaking, XRP price broke above the key resistance level of $2.50 with increasing volume, triggering a bullish flag breakout. The MACD indicator on the hourly chart has flipped bullish, and price structure suggests continuation toward the $2.75 to $2.80 level in the short term. Support now rests at $2.45, which is likely to attract dip-buyers if the price pulls back.
The Crypto prices are rising today due to a combination of record ETF inflows, over $1 billion in short liquidations, whale accumulation in ETH, and optimism ahead of U.S. regulatory discussions set for July 14.
Yes, if the bullish momentum sustains, BTC price could eye another ATH above $121k.
The price of 1 XRP token at the time of press is $2.58, with an intraday price surge of 6.55%
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