- Bitcoin hits $118,000, driving massive ETF inflows and triggering over $1 billion in short liquidations.
- Ethereum and XRP rally, with ETH topping $3,000 and XRP holding above $2.50 amid strong market momentum.
The largest digital asset, Bitcoin, crossed $118,000 to hit a new all-time high (ATH), leading to a strong rally across the crypto market. Ethereum climbed above $3,000, while XRP broke past key resistance. The broader market followed, with top coins like BNB, SOL, and DOGE also recording gains.
Bitcoin Leads Market Push as Ethereum, XRP Follow
It is worth noting that Bitcoin climbed to a fresh all-time high of $118,403. The largest cryptocurrency gained over 6% in the past 24 hours as of writing to hit this milestone. As highlighted in our previous news article, the market simply reacted to the recent release of the Federal Open Market Committee (FOMC) minutes last June.
More importantly, this sharp rise comes as spot Bitcoin ETFs recorded $1.18 billion in inflows on Thursday. This is considered the second-highest daily inflow since the ETFs launched last year.
Per the update, the move pushed Bitcoin to trade at around $118,001.73 at the time of reporting, up 6% in 24 hours.
It is essential to mention that short positions across the crypto market took a hit, with more than $1 billion in liquidations. Of that, Bitcoin shorts alone accounted for $570 million.
Ethereum, which recently outpaced Bitcoin in 24-hour futures trading volume, also saw strong movement. It broke past the $3,000 mark for the first time in five months, rallying over 7%.
It touched a high of $3,030 before settling slightly lower. The rally in ETH was backed by $383 million in spot Ethereum ETF inflows, with BlackRock’s ETHA pulling in $300.9 million. On the charts, Ethereum remains above key support levels and is holding steady above $2,880.
XRP showed even more signs of strength, rising to $2.58. The digital asset had an increase of over 6% in the last 24 hours and over 15% for the week.
One factor driving the price increase is the growing accumulation by XRP whales. As noted earlier, more than 2,700 wallets now hold over 1 million XRP each, showing rising interest from large holders.
Meanwhile, analysts are watching closely as XRP forms a pattern similar to its 2017 move. They are doing so with expectations that it could head toward $3.39 and possibly beyond. Some projections, like those from analyst Javon Marks, point to $9.63 based on fractal and Fibonacci patterns.
Other Top coins Join Rally as Market Cap Hits $3.66 Trillion
CoinMarketCap data also shows that the broader cryptocurrency market showed positive signs. Binance Coin (BNB) rose by 2.22% to trade at $686.77, with its market cap standing at $95.73 billion.
Other cryptocurrencies like Solana (SOL) climbed 3.61% to $164.18, and DOGE jumped 8.73% to trade at $0.1980. This trend shows substantial volume and renewed interest.
In total, the global crypto market cap grew by 5% to reach $3.66 trillion, according to CoinMarketCap data. This rally across multiple top assets suggests broader confidence is returning to the space.
As noted in our previous report, Bitcoin remains the key driver, but Ethereum and XRP are showing clear strength of their own. They have helped lift the overall market, pulling other major coins along as the rally continues to build momentum.
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