The cryptocurrency market has shown significant growth today, increasing by over 5.24% in the past 24 hours and surpassing $3.65 trillion. Trading volumes also surged by 47.14%, reaching $208.23 billion, indicating strong market interest.
Reasons for Cryptocurrency Market Growth
Key factors contributing to the rise include record ETF inflows and aggressive short liquidations. On July 10, Bitcoin ETFs attracted $1.17 billion in net inflows, while Ethereum benefited from strengthening its staking ecosystem and ETF developments. Market participants are closely monitoring the upcoming 'Crypto Week' in the U.S. Congress starting July 14, which may set long-term regulatory frameworks.
Bitcoin (BTC) Price Prediction
Bitcoin has led the surge, reaching a new all-time high of $118,339.82 with a gain of 6.11% over the past 24 hours. The price broke through resistance at $117,000, driven by short liquidations amounting to $570 million. This triggered a cascade of stop-loss executions and short covers, propelling BTC sharply higher.
Ethereum (ETH) and Ripple (XRP) Price Predictions
Ethereum also saw significant upside, climbing 8.76% to $3,024.90. The rally was driven in part by short covering after reclaiming levels above the 'max pain' point. Additionally, whale accumulation illustrates growing institutional confidence. XRP climbed 6.55% to $2.58 on the back of optimism related to the ongoing Ripple vs. SEC case, with expectations of XRP moving toward the $2.75-$2.80 level in the short term.
The cryptocurrency market demonstrates strong momentum supported by multiple fundamental factors. Price forecasts for Bitcoin, Ethereum, and Ripple remain positive given current market conditions.
