Bitcoin’s robust rally has ignited upward momentum throughout the wider digital asset space. Ether, the native token of the Ethereum blockchain, surged to a one-month peak of $2,794.95. It later eased to $2,740.99, marking a 5.4 per cent gain.
According to reports, Bitcoin reached a fresh all-time high on Wednesday. It rocketed to $111,988.90 before trading at $111,259, which marks a 0.4 per cent growth.
In fact, this year the cryptocurrency has climbed over 18 per cent. The crypto has undoubtedly cemented its standing as one of the best-performing assets this year.
Stocks connected to the cryptocurrency sector also rallied, with Coinbase Global gaining 5.4 per cent to reach $373.85 and Strategy—co-founded by early Bitcoin supporter Michael Saylor—advancing 4.7 per cent to $415.41.
Another recent catalyst came from the political arena, where favourable crypto sentiment from the Donald Trump administration has added momentum. Reports indicated that Trump Media & Technology Group, associated with the U.S. president’s family, is planning to launch a cryptocurrency exchange-traded fund (ETF). The proposed ETF will include assets such as Bitcoin, Ether, Solana, and Ripple, and regulatory filings have already been submitted.
The rally has been driven by multiple factors, notably the weakening of the US dollar, the expectation of interest rate cuts, and growing confidence from major financial institutions now investing in digital assets. Large firms, once hesitant, are increasingly entering the crypto space, pushing prices further upward as Bitcoin’s market capitalization now exceeds a trillion dollars.
Anthony Pompliano, founder and CEO of Professional Capital Management, remarked in a note to investors that Bitcoin is unique in becoming less risky as its size increases. He said that its trillion-dollar valuation makes it more appealing for significant capital allocations.
Analysts further mentioned that a fresh wave of optimism has swept through global markets. This is because the US Federal Reserve’s June meeting minutes revealed that most policymakers were inclined towards at least one interest rate cut in 2025. The prospect of easier monetary policy sparked a risk-on mood, breathing new life into assets like Bitcoin that typically flourish in such environments.
Edul Patel, Co-founder and CEO of crypto platform Mudrex, told media outlets that Bitcoin exited its consolidation phase and surpassed key resistance levels following the Fed update. He noted the new all-time high of $112,022 and said the decline in the US dollar had made Bitcoin more attractive to investors.
The US dollar index, when measured against its 200-day moving average, fell to its weakest point in 21 years. This decline led many investors to seek alternatives like Bitcoin, seen by some as a more stable store of value amid currency weakness.
Patel added that Bitcoin is now trading above $111,300. If this momentum continues, it may enter a price discovery phase, where it moves into territory without clearly defined resistance.
However, all eyes are now on upcoming US economic data. The release of inflation figures on July 11 and the Federal Reserve’s next policy decision are expected to influence the cryptocurrency market’s next move.
Also Read: Inspection Of Bridges In Ahmedabad Ordered https://www.vibesofindia.com/inspection-of-bridges-in-ahmedabad-ordered/
