bitcoin Hits New All-Time Highs, ethereum and XRP Follow Suit

bitcoin‘s Remarkable Surge and Market Dynamics

bitcoin has made headlines this week, achieving a staggering new peak of $118,870, leading to significant liquidations of short positions totaling $635 million. The cryptocurrency market is buzzing with optimism as investors anticipate further upward momentum, particularly for bitcoin. This surge has also sparked renewed interest in major altcoins, which are showing promising signs of recovery.

ethereum‘s Resurgence Amid Institutional Interest

ethereum is currently trading near the critical resistance level of $3,000, buoyed by increasing interest from both retail and institutional investors, especially in spot ETFs. The bullish sentiment surrounding ethereum is palpable, as traders look to capitalize on its upward trajectory.

XRP’s Uptrend and Market Sentiment

XRP continues to gain traction, with bulls targeting the $2.76 mark, supported by a broader risk-on sentiment in the cryptocurrency landscape. Technical indicators suggest a favorable outlook for XRP, reinforcing its upward movement.

Market Overview: bitcoin‘s Strong Performance

bitcoin is experiencing less selling pressure compared to previous peaks. Data from CryptoQuant indicates that despite its recent highs, the selling activity remains low, with exchange inflows averaging just 18,000 BTC—the lowest since April 2015. Additionally, large holders are becoming less active, with the daily volume of bitcoin sent to exchanges in significant batches dropping dramatically.

bitcoin Spot ETF Inflows Reach New Heights

On Thursday, bitcoin spot Exchange Traded Funds (ETFs) saw a remarkable daily net inflow of $1.18 billion, marking the second-largest inflow in history. This surge coincided with bitcoin‘s price rally, highlighting the influence of institutional investors on its performance. Currently, the 12 licensed ETFs in the U.S. have amassed a cumulative net inflow of $51.3 billion.

ethereum Spot ETFs Continue to Attract Capital

ethereum spot ETFs have also been on a bullish streak, recording net inflows for five consecutive days. Recent data shows that approximately $383 million has flowed into these ETFs, making it the second-largest inflow in the history of U.S. ethereum spot ETFs, with a cumulative total of $5.1 billion.

Chart Analysis: bitcoin‘s Future Trajectory

Currently trading around $118,152, bitcoin has seen nearly a 2% increase today. The prevailing sentiment suggests a potential push above the $120,000 mark. A buy signal from the Moving Average Convergence Divergence (MACD) indicator indicates bullish momentum, although traders should remain cautious of possible profit-taking that could lead to a trend reversal.

Altcoin Update: ethereum and XRP’s Positive Momentum

ethereum has successfully surpassed the $3,000 barrier, reaching $3,024 at the time of writing. Its technical indicators remain strong, with the MACD signaling a buy since July 2. Institutional interest continues to support ethereum‘s price, with potential targets set at $3,229 and $3,530.

Meanwhile, XRP has reclaimed support at $2.60, following bitcoin‘s lead. The interest in XRP remains robust, with traders eyeing a breakout above the psychological resistance of $3.00. The Money Flow Index (MFI) indicates that buyers are currently in control, although the Relative Strength Index (RSI) suggests a potential pullback could occur as investors may look to take profits.

In summary, while the cryptocurrency market is experiencing a bullish phase, caution is advised as profit-taking could lead to sudden reversals. Key support levels for bitcoin and XRP will be closely monitored in the coming sessions.

Disclaimer: This article is provided for informational purposes only and does not constitute financial advice. Readers are encouraged to conduct their own research before making any investment decisions.