The crypto market is on fire, as Bitcoin, the world’s largest cryptocurrency by market cap, peaked at $118k in the early hours of Friday, July 11 to hit a new record high in the process. This comes some hours after it broke its previous ATH of $117k on Thursday, making it the first time BTC has soared past the $112k mark. So far, the top coin has gained over 24% this year, as institutional demand increases.
Meanwhile, major altcoins also posted significant gains. Ethereum, the second-largest cryptocurrency by market cap, surged 5% to over $2,900 to hit a new five-month high. XRP and Solana soared 5% and 7% respectively, further signaling the bullish performance of the crypto market. Could the record-setting performance signal that the bull run is near?
Bitcoin Continues Its Rebound As Trump Renews Calls for Interest Rate Cut
Bitcoin first crossed the $100k mark in December 2024 following Trump’s election victory. This comes a few years after the digital asset dropped below $17k following the FTX scandal. A few months later, BTC struggled to get past $90k, fuelled by Trump’s aggressive tariff plans.
Since Trump’s pause on tariffs and announcement of a digital asset stockpile, BTC has gradually recovered. In recent months, the digital asset has traded over $100,000 amid Trump’s pro-crypto policies and rising institutional investment by leading companies. The record-breaking $118k on Friday signifies the sustained optimism of these policies and institutional interest in establishing a crypto reserve.
Although the market has rebounded, Trump still reiterates the easing of interest rates. He has long criticized Fed Chair Jerome Powell for not cutting interest rates, and even once called him “stupid.” On Thursday, he said Powell’s firing was imminent.
Experts Predict More Bitcoin Rally
BitBull Capital’s CEO, Joe DiPasquale, predicts an even higher price for Bitcoin. According to him, strong ETF inflows and renewed institutional demand are driving Bitcoin’s rally.
“Once BTC cleared key psychological levels around $110k, sidelined capital jumped in. On-chan data and positioning suggest there’s still room to run.” However, he remains cautious about sharp pullbacks if sentiments are unfavorable.
Fidelity Investments’ global director, Jurrien Timmer, once predicted that Bitcoin is set for an explosive breakout. In a post on his X account, Timmer predicted that the top digital asset will be at a new all-time high soon based on the relationship between Bitcoin and the global money supply metric.
“With both liquidity improving per the global money supply and the stock market reaching new highs, it’s no surprise that Bitcoin is on the move again.”
Will Bitcoin Hit Another Record High? What Technical Analysis Says
Technical analysis points out that Bitcoin has broken through the psychological level of $110k and $112k, which had capped gains for weeks. This positions BTC for even higher gains pending all favorable factors. However, a pullback to $112k isn’t impossible.
Much like Bitcoin, Ethereum is poised for more gains following its recent breakout from $2,400. That mark has served as local support in recent weeks. With ETH crossing $3k, experts predict ETH to slightly pull back before posting more gains.
The surge in ETH has been marked by tokenization and DeFi play. Several institutions are betting on ETH’s future as an asset that will play a tremendous role in tokenization.
