XRP News Today: Bitcoin Surges 11% to New All-Time High of $118,423 on Institutional Buying

Bitcoin has surpassed its previous all-time high, reaching $118,423, with institutions continuing to accumulate the cryptocurrency. This trend has been ongoing for over a month, with major firms purchasing significant amounts of Bitcoin and Ethereum. The latest round of institutional buying amounted to $953 million in Bitcoin and $137 million in Ethereum, indicating that institutional appetite remains strong even at elevated price levels.

This buying pressure at all-time highs suggests that institutional investors see further upside potential. Ethereum, while not reaching new highs, has held strong just below the $3,000 mark, currently trading at $2,939. This represents a 16.71% increase for the week, showing continued strength and correlation with Bitcoin's bullish momentum. This alignment between Bitcoin and Ethereum often precedes a broader market rally, which is currently unfolding.

Beyond Bitcoin and Ethereum, several altcoins have shown explosive performance. XRP surged by 25.13%, reaching $2.78, while Cardano gained 23.97%, trading at $0.7122. Dogecoin is up 19.38%, sitting at $0.1959, and Solana, despite short-term dips, is up 7.59% for the week at $159.56. These gains are driven by utility-focused narratives and token-specific catalysts, indicating the early stages of a true altseason.

Institutional investors are not selling at the top; instead, they are aggressively buying at levels never seen before. This contradicts the classic "sell-the-top" narrative and supports a broader market expansion theory. If Bitcoin can hold above $115,000 and Ethereum stabilizes near $3,000, liquidity will naturally flow into altcoins. Retail investors have not yet fully entered the market, suggesting that the current cycle may still be in its early to mid-phase. This could lead to massive inflows into altcoins as confidence builds.

Bitcoin's price surge past $112,000 marks a new all-time high, driven by significant institutional buying and regulatory support. The influx of institutional capital into Bitcoin ETFs, totaling $15 billion since mid-April, has remained consistent even during consolidation phases. Political pressure on the Federal Reserve has also triggered institutional flows into Bitcoin ETFs, further fueling the price surge. The regulatory environment is becoming increasingly supportive, with upcoming developments expected to provide further clarity and support for the crypto market.

Ethereum's rally has been notable, with the cryptocurrency emerging as a standout performer. The surge was amplified by forced liquidations of long-term leveraged ETH shorts, creating a cascade effect that has supported continued upside momentum. Ethereum's role in asset tokenization has also contributed to its recent performance. XRP has gained significant traction, rising for the third consecutive session and testing its highest levels since May. This bullish momentum reflects broader altcoin outperformance.

Dogecoin has shown technical strength with a 6% surge during recent trading sessions but remains the weakest performer among the cryptocurrencies analyzed. A breakout above the psychological resistance level around 20 cents would signal a move into a higher trading range. The crypto price surge has triggered the largest wave of liquidations since May, with over $460 million in short positions wiped out. This massive short squeeze created a cascade effect, accelerating price movements higher across major cryptocurrencies. Onchain analysis indicates that retail trader-based wallets have been notably absent from the current move, historically signaling prime conditions for sharp upside moves.

In summary, the current crypto market rally is driven by institutional buying, regulatory support, and technical factors. Bitcoin's new all-time high and the surge in altcoins reflect growing confidence in crypto as an asset class, with industry leaders noting a structural shift towards mainstream adoption. The regulatory environment is also becoming increasingly supportive, with upcoming developments expected to provide further clarity and support for the crypto market.