Bitcoin hits record high above $116,000 on institutional demand; Dogecoin, Hedera rally up to 12%
cryptocurrency
has now gained more than 25% year-to-date and is up 102% over the past 12 months.
Ether, the second-largest cryptocurrency, also climbed over 7% to trade near $2,965 after touching a five-month high of $2,995. Other major altcoins joined the rally, including
Dogecoin
(+10%), Cardano (+10.5%), Solana (+4.6%), XRP (+6%), and
Hedera
(+12.2%).
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'Bitcoin soared past $116,000, setting a new all-time high as bullish momentum returned following recent consolidation,' said Himanshu Maradiya, Founder and Chairman of CIFDAQ. 'Institutional demand remains a major driver, with U.S. Bitcoin ETFs surpassing $50 billion in net inflows to date. BlackRock alone holds over $65 billion in BTC.'
Investor confidence has also been supported by macroeconomic trends such as a weakening dollar, rising demand for treasuries, and growing interest in Bitcoin as a hedge against sovereign credit risk. The inclusion of Coinbase in the S&P 500 further underscores Bitcoin's increasing acceptance as a mainstream asset.
The sharp breakout also triggered a massive short squeeze, contributing to the speed of Bitcoin's ascent. 'A sharp $453 million short squeeze played a key role in accelerating Bitcoin's rally,' said Avinash Shekhar, Co-Founder & CEO of Pi42. 'Forced buying from liquidated bearish positions added fuel to the upward momentum.'
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Shekhar noted that this could be the beginning of a powerful phase in the current bull cycle. 'Momentum is accelerating across the
crypto market
, signaling that we may be entering the most decisive leg of this bull cycle.'
Also Read:
Crypto Gems: Top crypto assets to watch & buy in July 2025
Ethereum is now nearing the psychological $3,000 level, which traders see as a launchpad for its next breakout. Meanwhile, Dogecoin and other altcoins are also riding the wave of market euphoria.
'Bitcoin is roaring!' said the CoinDCX Research Team. 'With over $165 billion added to the crypto market cap and $415 million in short positions liquidated, bulls have taken firm control. Long-term holders now control over 74% of Bitcoin's supply—at a 15-year high.'
The rally also reflects broader institutional and political support for digital assets. In March, President Trump signed an executive order to establish a Strategic Bitcoin Reserve and appointed crypto-friendly figures such as former SEC Commissioner Paul Atkins to key roles. His media firm has also filed to launch a crypto-focused ETF.
Srinivas L, CEO of 9Point Capital, expects the rally to continue. 'BTC has now broken out just as expected, and the bullish trend is kicking in. We expect BTC to touch $125,000 in this leg of the rally.'
In addition to the price surge, the market saw new developments including Robinhood launching ETH and SOL staking in the U.S., and Coinbase partnering with Perplexity AI to provide real-time crypto market data.
As long-term holders now control over 74% of total Bitcoin supply—marking a 15-year high—the market appears to be entering a new phase of sustained institutional accumulation and retail optimism.
Also Read:
52% of cryptos launched since 2021 are dead. What should investors focus on in 2025?
(
Disclaimer
: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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