Bitcoin Flirts With Record Highs Above $112K as Ether Leads Crypto Surge
Bitcoin briefly surged above $110,000 on Wednesday, coming within striking distance of its record high and sparking a wave of volatility across the crypto markets.
During U.S. trading hours, the leading cryptocurrency climbed to $110,770.05, marking a decisive break from weeks of sideways trading. On major exchanges like Binance, Coinbase, and Bitstamp, bitcoin even crossed its May 22 record of $112,000. Yet, aggregated data from platforms like CoinDesk, CoinGecko, and CoinMarketCap indicated that BTC narrowly missed setting a new all-time high on a broader consensus basis.
By the end of the session, BTC was hovering near $111,400, up 2.4% over the past 24 hours. Meanwhile, Ethereum (ETH) stole the spotlight, jumping 6% to about $2,760, its highest price in more than a month.
The sudden rally triggered turbulence in the derivatives market. Data from CoinGlass revealed that around $425 million in leveraged short positions were liquidated as traders betting against the price surge were forced to exit their trades.
In recent weeks, the $110,000 zone has acted as a major resistance point, often sparking sell-offs or renewed short interest whenever bitcoin approached it. The latest move above this level has investors speculating that a stronger bullish breakout could be on the horizon.
Crypto-related stocks also gained momentum alongside the rally. MicroStrategy (MSTR) advanced 4.4% to $414, nearing its 2025 high but still below its historical peak of $543. Coinbase (COIN) rose 5%, while bitcoin mining firms Marathon Digital (MARA) and Riot Platforms (RIOT) each climbed roughly 6%.
Despite relatively subdued market sentiment, some analysts believe the groundwork is being laid for an even bigger move.
“Crypto feels so quiet, [while] bitcoin is ready to move,” noted Charlie Morris, Chief Investment Officer at ByteTree, pointing to declining BTC volatility as a classic precursor to strong upward price action.
“The setup for the next one is looking good. The quiet bulls are the best,” he added.
On the Ethereum front, Joel Kruger, market strategist at LMAX Group, emphasized ETH’s stability above crucial support levels, driven by growing institutional interest in Ethereum’s role as a key platform for asset tokenization and settlement systems.
Analysts at Bitwise echoed this sentiment, describing ETH as one of the “cleanest” ways to gain exposure to the tokenization trend, according to reporting by The Block.
