- Bitcoin jumped above $110,000, nearing its record high after major short liquidations and trade optimism.
- Ethereum, Solana, and meme coins also posted strong gains.
Bitcoin has soared above $110,000, marking its highest level in nearly two weeks and signaling renewed strength in the crypto market. The rally comes as optimism grows around U.S.–China trade talks and over $300 million in crypto short positions are liquidated, led by Bitcoin at $196 million.
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Bitcoin Nears All-Time High
BTC is now trading at approximately $110,100, up 3.5% in the past 24 hours and nearly 5% over the past week. This move puts Bitcoin less than 2% away from its all-time high of $111,814 set in May. According to BitBull Capital CEO Joe DiPasquale, holding above this level could open the door to a move toward $120,000.
Ethereum, Solana, and Meme Coins Join the Rally
Ethereum, the second-largest cryptocurrency by market cap, climbed above $2,640, gaining over 4.5% in 24 hours. Solana also saw gains of more than 3%, trading close to $160. Meme coins made a notable comeback as Dogecoin jumped 4.5% and Shiba Inu added 2.5%, following weeks of underperformance.
Market Outlook Improves as Liquidations Mount
The surge in prices is partly driven by large-scale liquidations. Data from CoinGlass shows that $323 million in short positions were wiped out, creating strong upward pressure across the market. Bitcoin accounted for the majority of these liquidations.
Meanwhile, broader financial markets showed mild gains, with the Nasdaq and S&P 500 ticking higher. The positive shift comes amid easing concerns over trade tensions, contributing to improved investor sentiment.
ETF Flows Highlight Changing Investor Behavior
Despite recent spot Bitcoin ETF outflows, Ethereum ETFs have now posted 15 consecutive days of inflows, reflecting growing confidence in the altcoin sector. A report from 10X Research suggests that rising spot demand, negative funding rates, and a favorable market setup are building a strong case for continued gains.
With Bitcoin approaching record levels and altcoins rebounding, the crypto market appears to be entering a new phase of bullish activity. If these conditions hold, a breakout above previous highs may soon follow.
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