🚀 Altcoins Surge as Bitcoin Smashes $118K All-Time High (July 11 Market Update)

The crypto markets roared back to life today as Bitcoin shattered records—and altcoins rode its coattails to double-digit gains.

Bitcoin’s 20% weekly surge to $118K triggered a domino effect. ETH, SOL, and BNB all posted 15-30% rallies as traders chased momentum. Memecoins—ever the parasites of serious investing—piggybacked with absurd 50% pumps.

Analysts point to spot ETF inflows and weakening dollar index as catalysts. 'This isn’t 2021 retail FOMO,' claims one institutional trader. 'It’s Wall Street finally realizing crypto’s the only asset class not rigged by the Fed.'

Meanwhile, shorts got obliterated. $240M liquidations in 24 hours—proof that fighting this tape remains a fool’s errand.

Will the rally hold? With BTC dominance slipping to 42%, altseason whispers grow louder. Just don’t tell the SEC chairman—he’s still drawing up lawsuits against the 'unregistered securities' propping up his pension fund.

ETH Reclaims $3000

Ethereum (ETH) retested $3000 this morning after months of consolidating sideways between $2,349 and $2,869, with a bearish flag pattern forming in its path. It broke out on June 20, tapped on a break block at $2,120, and rallied up from there. 

At the time of writing this report, the token is trading for $2,999. This is up 8.51% in 24 hours from an intraday low of $2,784, thanks to a massive load of activity, which has recorded 50.26% over the same period to $42.67 billion in volume with an  8.39% increase in its market cap to $361 billion, according to CoinMarketCap.

XRP Breaks out of 7-month Range

XRP saw the most breakthrough with this rally as it breaks out of a pennant flag pattern that it has been ranging since over 7 months now. During this time, the cryptocurrency kept ranging sideways, testing and rejecting the resistance level at $2.6 and the support zone of $1.9. Now, XRP is up 19% from its breakout after finding enough liquidity. 

On the chart via TradingView, the price has printed 3 daily bullish candles and currently trades for $2.8. According to CoinMarketCap, trading volume is up a massive 117% today alone. This is an impressive number, with $10.5 billion in volume, leading to a 15% increase in its market cap of $166 billion. 

SOL Surge Past $160 Amid 72% Trading Volume 

Solana (SOL) is not left out in this rally. In fact, SOL has done a 5% surge in 24 hours after breaking out of a bullish flag that has been forming through its downside trade since May 6. Currently, it’s trading for $166.94, up from a daily low of $156. 

All this is thanks to its massive 72% surge in trading activity, which it saw over the last 24 hours, with over $7.7 billion recorded and a market cap of $89 billion

Trending Cryptos Today

• Ethereum (ETH)
• XRP (XRP)
• Cardano (ADA)
• Omni Network (OMNI)
• Bitcoin (BTC)
• Pi (PI)

Top Gainers & Losers Today

Crypto Market Cap Overview

Due to the bullish overall sentiment over the past 24 hours, market valuation is now at $3.69 trillion. This is up 6% in 24 hours, with an 80% surge in overall training activity to $260 billion in trading volume, based on the latest data from CoinMarketCap. 

Meanwhile, Coinglass data showed that a total of 276,456 traders have been liquidated from their positions in the past 24 hours. This led to a total loss of about $1.31 billion in funds. Out of that number, $1.1 billion came from traders who had bet on short positions, while $163 million came from long positions. The majority of bets were on Bitcoin.

Also Read: crypto Highlights: Top 3 Gainers and Losers on CoinMarketCap Today