Bitcoin Surges 2.5% to New All-Time High of $112k, Altcoins Follow

Bitcoin (BTC) price surged by 2.5% in the past 24 hours, reaching a new all-time high of slightly above $112k before retracing to trade around $111,112 on Thursday, July 10. This rally triggered a wider altcoin pump, with Ethereum (ETH), XRP, Solana (SOL), and Dogecoin (DOGE) leading the charge. The total crypto market cap surged to $3.53 trillion, with the daily average trading volume gaining 40% to hover around $140 billion. The sudden crypto pump in the past 24 hours resulted in more than $529 million liquidated from over 114,508 traders, with the shorts accounting for around $466 million. The move also pushed Bitcoin’s market capitalization above that of the tech giant Alphabet (Google).

This latest BTC price surge to a new all-time high appears to be heavily influenced by sustained institutional buying. According to on-chain data analysis from Santiment, whale investors have been banking on the wider retail fear and FUD. Market research conducted by Bitwise indicates that institutional investors have shown unwavering conviction in Bitcoin’s long-term prosperity. Specifically, corporate investors purchased 159,107 BTCs during the second quarter of 2025, thus currently holding around 847k coins. At the same time, the U.S. spot Bitcoin ETFs have also recorded four consecutive months of cash inflows, with a net cash inflow of over $13 billion since April 2025. Bitcoin price also recorded bullish sentiment in the past 24 hours fueled by rising global money supply. The recent approval of the One Big Beautiful Bill Act, which is estimated to increase the federal deficit by $3.3 trillion in the next decade, signaled an incoming money supply in the United States. With the weakening dollar against global currencies, BTC price was expected to register bullish sentiment in the near term.

The wider altcoin market, led by Ether, followed Bitcoin’s bullish gains today fueled by rising speculation from both retail and institutional investors. For instance, on-chain data from Spot On Chain shows whales purchased Ether worth over $120 million in the past 24 hours. The notable liquidation of short traders increased the odds of a short squeeze in the wider crypto market.

The cryptocurrency market has now reached a crucial crossroads, which could either lead to a parabolic rally or a renewed correction ahead. From a technical analysis standpoint, Bitcoin price has closed above a crucial bullish flag but must consistently close above $112k to confirm a rally towards $135k soon. Meanwhile, conviction for an altseason 2025 has surged with the Bitcoin dominance signaling a macro market reversal. Moreover, the anticipated summer of spot crypto ETF approval by the U.S. SEC has attracted more institutional investors into the wider altcoin market.