🚀 Why Is Crypto Up Today? Bitcoin Smashes $118K as Altcoin Rally and ETFs Fuel Surge

The crypto market is basking in green again today, continuing a strong three-day streak that has seen nearly all major cryptocurrencies post significant gains. As of July 11, 2025, 99 of the top 100 digital assets are in the green, pushing the global crypto market capitalization up 1.3% to a staggering $3.73 trillion — a jump from $3.45 trillion just 24 hours ago.

At the center of this bullish momentum is Bitcoin (BTC), which has broken yet another all-time high (ATH), now trading at $117,586, after briefly touching $118,254. Ethereum (ETH) isn’t far behind, climbing past the $3,000 mark, while meme coin favorite Dogecoin (DOGE) leads the top 10 pack with an 8.9% daily increase.

But what exactly is driving this relentless surge in crypto prices?

Institutional Inflows Signal a Turning Point

A major catalyst for the recent rally is a massive wave of institutional capital flooding into crypto ETFs. On July 10 alone, US-based spot Bitcoin ETFs recorded $1.18 billion in inflows, marking the second-largest daily total since their launch. Top players included BlackRock ($448M), Grayscale ($324M), and Ark & 21Shares ($268M). Ethereum ETFs also saw their largest inflows in six months, with $383.1 million entering ETH-based funds.

These flows underscore growing confidence in crypto as a mainstream financial asset. According to James Toledano, COO at Unity Wallet, the rising interest is tied to “a confluence of macroeconomic optimism and institutional activity,” including corporate and sovereign entities allocating crypto to their balance sheets.

Bitcoin’s Price Stability Reflects Market Maturity

Interestingly, Bitcoin’s ascent hasn’t been marked by its usual wild swings. Instead, it has shown rare price stability, with 62 consecutive days above $100,000, according to Xapo Bank’s Gadi Chait. “This price consolidation over a significant period of time shows that Bitcoin is maturing,” he said, noting that institutional accumulation is at a “fever pitch.”

Moreover, macroeconomic conditions — such as rising US debt levels, a weakening dollar, and anticipation of Federal Reserve rate cuts — are driving capital away from traditional markets and into digital assets.

Altcoin Season Beckons

While Bitcoin continues to dominate headlines, altcoins are making waves of their own. Among the top performers:

• Dogecoin (DOGE): +8.9%, now trading at $0.1965
• Ethena (ENA): +20.7%, hitting $0.347
• Sei (SEI): +20.6%, trading at $0.3183

This widespread rally hints at a potential altcoin season, especially as Ethereum strengthens and ETF approval for assets like XRP, Solana, and Dogecoin looms.

Global Developments Boost Sentiment

Adding fuel to the fire is rising speculation that China may soften its crypto stance, following signals from Shanghai regulators about intensifying industry research. If realized, this shift could unleash significant new volume from one of the world’s largest untapped markets.

Back in the U.S., the political climate is also influencing sentiment. Fed board member Christopher Waller hinted at rate cuts, while Donald Trump has proposed slashing rates by 300 basis points and appointing a crypto-friendly Fed Chair. This dovish outlook is a boon for risky assets like cryptocurrencies.

Market Sentiment Enters ‘Greed’ Territory

The Crypto Fear and Greed Index surged to 67, its highest point in a month, indicating growing investor confidence — though some analysts warn that excessive optimism could invite short-term pullbacks. In the derivatives market, over $1.25 billion in leveraged positions were liquidated, with shorts accounting for the bulk at $1.1 billion.

What’s Next? Targets & Caution

As of now, Bitcoin is eyeing $119,000 and $120,000 as its next resistance levels. If it breaks through, analysts like Ruslan Lienkha from YouHodler believe it could race toward $130,000 before consolidating again.

While the long-term outlook remains bullish, near-term risks — such as geopolitical uncertainty and regulatory changes — persist. Still, institutional adoption, improved regulatory clarity, and increasing demand amid tightening supply suggest this rally may have legs.

Bottom Line

The latest surge in crypto isn’t just a speculative blip — it reflects a broader transformation in how the world views digital assets. With Bitcoin smashing past $118,000, Ethereum reclaiming $3,000, and altcoins gaining momentum, crypto is proving once again that it’s no longer on the fringes of finance — it’s taking center stage.

As we look ahead, investors will be watching closely for signs of sustained momentum and any news that could either fuel or derail the rally. For now, the bulls are in control.