Bitcoin (BTC) price has soared past $112,000 for the first time, setting a fresh all-time high (ATH) this week, while Ethereum (ETH) jumped 7% to $2,790 and major altcoins posted significant gains.

This comprehensive analysis examines the key factors driving the current crypto price surge across Bitcoin, Ethereum , XRP, and Dogecoin (DOGE) markets. I am answering the question why is crypto going up today and checking what technical analysis tells about the BTC/USDT, ETH/USDT, XRP/USDT and DOGE/USDT charts.

Why Is Crypto Going Up Today? Major Cryptocurrency Performance Breakdown

Bitcoin Price Surge to Record Territory

Bitcoin price action has been particularly impressive, with the cryptocurrency breaking through the $110,000 resistance level that had capped gains for weeks. On Thursday, Bitcoin's price experienced a slight correction, dropping by 0.3% to $110,969.

The chart above indicates that despite reaching a new all-time high, technically nothing significant has changed. Only a breakout above $112,000 would pave the way for a further upward move. Currently, however, the price could equally correct more sharply and return to the psychological level of $100,000, marking the boundary of the current consolidation.

Paul Howard from Wincent also provides technical insight into the breakthrough: “The move in BTC prices +2.2% the last 24 hours is not particularly noteworthy in itself, but made interesting because it sets a new ATH for the asset. This was led by some ETF purchasing overnight and with the low volatility environment the last 2 months finally breaching $110k.”

Howard expects Bitcoin to continue trading around the $110k level +/-2% for the short term, based on options market positioning. The breakthrough came after Bitcoin's volatility declined significantly, a pattern that historically precedes major upward moves.

Ethereum Rally Leads Altcoin Performance

Looking at the chart and Ethereum's recent performance, we can see that on Wednesday the price rose by nearly 6%, closing the day at $2,589. On Thursday, it set an intraday high of $2,823, testing the highest levels in over a month. At the time of writing, Ethereum is up 0.6%, trading at $2,786.

From a technical analysis standpoint, Ethereum, much like Bitcoin, remains in a consolidation phase. The upper boundary of this range is defined by local highs from May and June, while the lower boundary corresponds to temporary lows from February, retested in the second half of last month below the $2,200 level. Also technically significant is the $2,400 mark, which has served as local support in recent weeks.

Ethereum price has emerged as a standout performer, with Howard noting the “6% pump on ETH and alts” as particularly significant. The Ethereum rally reflects a broader shift as “alts look set to catch the tail wind from ETH's ascension as the newest treasury play.”

The surge was amplified by forced liquidations as "long term leveraged ETH shorts were wiped out overnight forcing liquidations and a sudden pop," creating a cascade effect that Howard believes looks sustainable given broader market conditions.

Digital asset manager Bitwise's analysts identified ETH as one of the "cleanest" token plays for the tokenization trend, while long-only institutions are betting on Ethereum's future role in asset tokenization.

You may also like: Ethereum (ETH) Price Prediction: Why the Ethereum Price Is Going Up and Where the ETH Price Is Set to Go

XRP Price Momentum Builds

According to my technical analysis, XRP is currently rising for the third consecutive session, testing its highest levels since May 23. On Thursday, July 10, 2025, the intraday high reached $2.458, while at the time of writing, the price is up 1.6%, trading at $2.44.

From the perspective of my technical analysis, a key development occurred as XRP broke through the downward trendline drawn from the beginning of 2025. This breakout opens the way for a potential retest and breakout of the local highs from May, between $2.60 and $2.67. Only then would I see a stronger case for bullish momentum, possibly pushing the price toward the $3.40 level, last tested over six months ago.

XRP price has gained significant traction, trading with weekly gains exceeding 7%. The XRP surge reflects broader altcoin outperformance, as the rally extends beyond Bitcoin to encompass major alternative cryptocurrencies benefiting from the Ethereum-led momentum.

Dogecoin Price Action Shows Technical Strength

Dogecoin's price surged strongly during Wednesday’s session, gaining nearly 6% and testing monthly highs. However, on Thursday, the meme cryptocurrency lost momentum and is currently up just under 0.5%, trading slightly above 18 cents.

Among the cryptocurrencies analyzed in this article, Dogecoin is currently performing the weakest, still moving close to its recent multi-month lows. That said, it has rebounded by around 30% from last month’s bottom and is once again approaching its psychological resistance level around 20 cents. A breakout above this threshold would signal a move into a higher trading range, with the upper boundary near 25 cents—May’s peak, which, for now, I consider a medium-term target for Dogecoin.

Dogecoin price demonstrated explosive movement with a 6% surge during recent trading sessions. Technical analysis reveals DOGE is forming potential bullish patterns, with institutional whale accumulation supporting continued upside momentum.

Related: Why Dogecoin Price Is Surging? Breaking News and Price Predictions for July 2025

Why Crypto Is Surging? Political Pressure Drives $15 Billion Bitcoin ETF Surge

The primary catalyst behind why crypto is rising stems from unprecedented political pressure on the Federal Reserve. Donald Trump's aggressive campaign demanding Fed Chair Jerome Powell cut rates to 1% and resign has triggered massive institutional flows into Bitcoin ETFs.

“The sharp surge in Bitcoin ETF inflows since late April 2025 has been primarily driven by political pressure on the Federal Reserve, with Donald Trump openly demanding that Chair Jerome Powell cut rates to 1% and resign,” explains Markus Thielen, founder of 10x Research.

Since mid-April, Bitcoin ETFs have accumulated $15 billion worth of Bitcoin, creating relentless buying pressure that's forcing previously hesitant traders back into the market. This institutional demand has remained consistent even during Bitcoin's consolidation phases, demonstrating the strength of underlying fundamentals driving the crypto market rally.

Industry Leaders Confirm Institutional Maturity

The breakthrough to new highs has drawn significant commentary from industry leaders who see this moment as a structural shift rather than mere speculation. Nick Jones, Founder and CEO of Zumo, emphasizes the fundamental change occurring in the market landscape.

“With Bitcoin surging past $112,000 for the first time to set a fresh record high, the market is booming. The rise is underpinned by increasing institutional adoption and resurgent retail demand, reflecting confidence that crypto has arrived in the mainstream and is now reshaping finance,” Jones stated.

The institutional narrative extends beyond traditional finance into corporate treasury strategies. Jones highlighted growing corporate interest in Bitcoin as a treasury asset, with Emirates making headlines through its decision to integrate cryptocurrency payments into its operations.

Ryan Chow, co-founder of BTCFi platform Solv Protocol with over $2 billion in total value locked, frames the current surge as a long-overdue recalibration from speculation to structural adoption. “What we're seeing is a long-overdue recalibration from speculation to structural adoption as mandates are being rewritten around digital assets. Bitcoin's new all-time high is a signal of growing institutional maturity and global confidence in crypto as an asset class,” Chow explained.

Regulatory Landscape Shapes Market Sentiment

The regulatory environment is becoming increasingly supportive of digital asset growth. Jones highlighted the critical importance of upcoming regulatory developments in the UK, noting that “all eyes in the UK will be on Rachel Reeves when the Chancellor takes to the stage at Mansion House on Tuesday to provide an update on the Financial Services Growth and Competitiveness Strategy.”

The demand for regulatory clarity is driven by growing retail adoption, with Jones citing FCA research showing “12% of UK adults now own crypto—these retail investors are looking for compliant propositions that offer a safer route to market.”

Howard points to upcoming legislative developments in the US, noting that “we await news in the coming week from the US administration on the STABLE and GENIUS bills, likely can expect prices grinding higher rather than any short term pullback.”

Liquidation Data Reveals Short Squeeze

The crypto price surge triggered the largest wave of liquidations since May, with over $460 million in short positions wiped out. More than 114,000 traders were liquidated, with $463 million coming from short positions compared to only $64 million from long positions.

This massive short squeeze created a cascade effect, with waves of liquidations accelerating price movements higher across major cryptocurrencies.

Onchain analysis firm Santiment identified a crucial pattern supporting the digital currency rise: retail trader-based wallets have been notably absent from the current move. This historically indicates prime conditions for sharp upside moves.

“When retail shows FUD (whether through fear or impatience), these are usually prime spots for smart money to move in and accumulate. This time has been no different,” Santiment noted.

Frequently Asked Questions, FAQs

Why is crypto going up so fast?

The rapid crypto surge is driven by $15 billion in Bitcoin ETF inflows, political pressure on the Federal Reserve, massive short liquidations exceeding $460 million, and growing institutional adoption with companies like Emirates integrating crypto payments.

What's driving Bitcoin to new highs?

Bitcoin's rally past $112,000 is fueled by institutional ETF demand, declining volatility preceding major moves, corporate treasury adoption, and regulatory momentum around digital asset legislation.

Why are altcoins outperforming Bitcoin?

Ethereum and other altcoins are benefiting from tokenization trends, ETH's emergence as a treasury play, forced liquidations of leveraged shorts, and smart money accumulation while retail remains absent.