Radhika Parashar
- In the last 24 hours, Bitcoin has risen from $112,000 to over $118,000
- Majority altcoins are rallying behind Bitcoin’s surge
- Ether has managed to break out of the $2,500 price zone to exceed the $3,000 price mark
A major rally is underway for Bitcoin, shooting its price consistently up in the last 24 hours. On Friday, July 11, Bitcoin price hit the historic mark of $118,000 on international exchanges, data by CoinMarketCap showed. At the time of writing, the oldest and most expensive crypto asset was trading at $118,186, having risen by nearly seven percent in the last 24 hours.
Analysts decode the rally
On July 10, Bitcoin was trading at above $112,000, turning the market sentiment significantly optimistic despite the prevailing geo-political tensions and tariff wars.
In conversation with CoinHeadlines, market analysts have pointed out that Bitcoin’s ongoing surge is majorly fuelled by a persistent institutional demand and a strong support from US President Donald Trump. In addition, developments like the Emirates airlines deciding to accept BTC payments in ticket bookings are also significantly contributing to the prevailing surge phase, industry insiders noted.
Newsletter
Get weekly updates on the newest crypto stories, case studies and tips right in your mailbox.
“A sharp $453 million short squeeze played a key role in accelerating Bitcoin’s rally. As bearish positions were liquidated, forced buying added fuel to the upward momentum, helping BTC break past key resistance levels and reach new all-time highs,” Avinash Shekhar, Co-Founder and CEO of the Pi42 crypto exchange told CoinHeadlines on Friday.
The CoinDCX research team, meanwhile, highlighted that in the last few hours over $165 billion have been added to the crypto market cap and $415 million worth of shorts have been liquidated. The analysts from the Indian exchange essentially noted that capital is flowing into the crypto market, forcing those betting against the market to close their positions – adding to the market rally.
At its present pricing, Bitcoin’s overall valuation has touched the mark of $2.35 trillion – and its market dominance stands at 63.8 percent.
“Bitcoin’s rally from yesterday’s ATH of above $112,000 to a new all-time high of over $118,000 underscores strong trend continuation. As long as BTC holds above $113,500, its next leg could target $130,000 and beyond, especially if macro conditions and ETF inflows continue to support the move,” Pankaj Balani, CEO and Co-Founder, Delta Exchange told CoinHeadlines.
Market experts have, however, advised investors to do their due diligence before making investment decisions.
“While optimism is high, the potential for short- term pullbacks remains. Investors should assess their time horizon and risk tolerance before entering the market,” said Simon Peters, a crypto analyst at Israel-based crypto exchange eToro. “A strategy like dollar-cost averaging — investing a fixed amount regularly — may help reduce timing risk and lower the average cost of investment over time.”
Impact on altcoins
The crypto price charts are brimming with greens on Friday owing to Bitcoin’s rally.
Ether registered a price hike of over eight percent in the last 24 hours to finally break out of the $2,500 range to capture the price mark of $3,022. Alongside BTC, ETH is also clocking frequent upward price fluctuations.
All of the top ten crypto assets by market cap are also trading in gains – which include Tether, Ripple, Binance Coin, Solana, USDC, Dogecoin, Tron, and Cardano alongside BTC and ETH.
Speaking to CoinHeadlines, Lennix Lai, the Chief Commercial Officer at OKX highlighted that the ongoing market rally is not just about market exuberance, but it signals a long-term structural shift in how digital assets are integrated into the global financial system.
“As traditional asset classes experience shifts in performance, more investors are turning to Bitcoin and stablecoins as long-term value stores and diversification tools. BTC is now perceived as a long-term strategic reserve,” Lai pointed out. “The introduction of regulated ETFs have also opened the door to new capital from institutional investors, while progressive legislation has enhanced trust and reduced barriers to entry.”
Market insiders believe that as the overall crypto infrastructure improves and a stronger collaboration is established between crypto platforms and traditional finance, the adoption of these digital assets will only deepen.
Meanwhile, despite an upward market trajectory, some altcoins did register minor losses. These include Monero, Pepe, and Cronos.
