Crypto Market Cap Surges 3.64% to $3.81 Trillion Driven by Bitcoin and Ethereum

The crypto market experienced a significant surge, with the total market cap jumping to $3.81 trillion, marking a 3.64% increase. This upward trend was driven by both Bitcoin and Ethereum, with Bitcoin reaching a fresh all-time high and Ethereum breaking back above $3,000 for the first time since January.

Bitcoin's price climbed by 3.73% over the past day, reaching $122,197.10. This breakout followed strong support along a rising trendline that dates back to early 2024. The $118K–$120K range is now acting as the new support zone, with potential targets of $130K and $140K if the bullish momentum continues. The momentum seems to be in the buyers’ favor, given the strong volume and clean breakout candle.

Institutional demand played a significant role in driving this momentum. Between July 7 and July 11, Bitcoin spot ETFs attracted $2.72 billion in net inflows, while Ethereum ETFs added $907.99 million. This institutional activity coincided with a 118% rise in BTC’s 24-hour trading volume. Additionally, Tokyo-listed Metaplanet acquired 797 BTC, mirroring MicroStrategy’s aggressive strategy and now holds 16,352 BTC valued at $1.9 billion. Speculation about the U.S. government announcing a strategic BTC reserve during “Crypto Week” also added to the bullish sentiment.

Ethereum's price is trading at $3,036.61, up 2.74% on the day. The reclaim of the $3,000 mark signals a possible shift toward the upper half of the market structure. Analysts suggest a move toward $3,800–$4,000 could follow if bulls hold this zone. SharpLink Gaming’s recent acquisition of 16,374 ETH, worth $48.85 million, added further fuel to supply pressure.

The total crypto market cap chart shows a breakout from a descending wedge pattern, with price clearing the $3.35T–$3.40T resistance range and surging to $3.77T, a gain of $627 billion or 18%. The structure mimics a similar move seen in May, which led to a 31% rise. Support now sits between $3.60T and $3.65T. Analysts are watching for a healthy retest or continued price acceleration toward the $3.90T–$4.00T range. The vertical nature of the current rally and wide green candles suggest strong capital inflow. A sustained push would depend on price holding above the $3.60T support during any correction.