Crypto prices today: Bitcoin surges past $109,000; Stellar, Dogecoin jump over 6%

Economic Times

3 days ago

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The cryptocurrency market kicked off the week on a bullish note, with Bitcoin crossing the $109,000 mark in early Monday trade, buoyed by strong institutional inflows and improving market sentiment.As of 11:12 am IST, Bitcoin was up 1.1% at $109,171, while Ethereum advanced 2.5% to $2,573, according to CoinMarketCap. The overall global crypto market capitalisation rose by 1.36% to $3.37 trillion.The rally extended beyond the two largest digital assets. Among notable altcoins, Dogecoin surged 6.3%, Stellar rose 6%, and Shiba Inu gained 3.5%. Solana jumped 3.2%, Toncoin 3.6%, and Avalanche 3%. Meanwhile, XRP climbed 2%, Cardano added 2.4%, Tron gained 1.5%, BNB rose 1.1%, Chainlink added 3%, and Hyperliquid moved up 1.6%.Analysts pointed to a combination of strong institutional interest, macroeconomic tailwinds, and technical momentum as the driving forces behind the ongoing surge.'Bitcoin is trading steadily near $109,200, supported by strong institutional demand. Spot Bitcoin ETFs recorded over $769 million in weekly inflows, pushing cumulative net inflows close to the $50 billion milestone,' said Edul Patel, Co-founder and CEO of Mudrex. He added that Bitcoin's implied volatility has dropped to a 20-month low, reflecting growing maturity and stability in the asset.Bitcoin's price action is approaching a potential breakout zone, analysts noted.'Bitcoin is holding above $109,000 and is on the verge of a breakout from its bull flag,' said Vikram Subburaj, CEO of Giottus. 'A move above $112,000 will confirm a bullish continuation, though a brief pullback to the $105,000 liquidity zone remains possible.'Ethereum, meanwhile, is consolidating above $2,500 and may gain further once Bitcoin breaks higher, Subburaj added.Riya Sehgal, Research Analyst at Delta Exchange, said Monday's rally came after market sentiment improved following President Trump's decision to postpone new tariffs to August 1. 'Technically, BTC is approaching key resistance at $109,680. A confirmed breakout could open the path to $112,000 or even $115,000,' she said. Ethereum is currently eyeing resistance at $2,605, with short-term targets of $2,650 and $2,720 if bullish momentum holds.The rally has been supported by macro data and improving investor sentiment.'The crypto market continues its steady ascent, fueled by rising confidence and strong on-chain signals,' said Avinash Shekhar, Co-founder and CEO of Pi42. 'Exchange outflows point to reduced selling pressure and strong long-term conviction. Bullish sentiment is growing, with prediction markets now pricing in a possible $150,000 BTC target by end-2025.'Shekhar added that Ethereum's strength is being supported by solid macroeconomic indicators and growing accumulation. A robust U.S. jobs report last week has also lifted risk appetite across financial markets, aiding crypto and equities alike.Market watchers will be keeping an eye on key resistance levels for Bitcoin and Ethereum in the coming days. All eyes are also on the upcoming U.S. inflation data due on July 15, which could shape expectations around interest rate policy and further impact crypto market sentiment.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)