Bitcoin (BTC) Surges Past $100,000, Moving Towards Its All-Time High, Ethereum (ETH) Climbs to $2400

The cryptocurrency market is ablaze today with bullish momentum as Bitcoin (BTC) surges past the $104,000 mark, moving towards its all-time high

Cryptocurrency prices are surging today, with Bitcoin (BTC) now past the $104,000 mark.

What Happened: In renewed momentum, Bitcoin touched a high of $104,116 a few hours ago, gaining 3.60% in the past 24 hours. The flagship crypto has gained over 6% in the past week, driven by strong institutional inflows, favorable macroeconomic conditions, and renewed retail investor enthusiasm.

At the time of writing, Bitcoin is trading at around $102,850, with a 24-hour trading volume of $2.04 trillion.

Analysts attribute BTC’s meteoric rise to the ongoing adoption of spot Bitcoin ETFs, which have seen record inflows in recent weeks, alongside anticipation of further regulatory clarity in major markets.

Ethereum (ETH) is also a major point of attention for traders and investors today, as the price surged to $2,400, before pulling back in the $2,300 range. The surge comes as Ethereum went through a major development of Pectra upgrade earlier this week.

Additionally, the recent attention to Ethereum also coincides with speculations that it has constantly performed weakly compared to other crypto assets and now it’s time for ETH to shine.

ETH is currently trading at $2,360, up 21% in the past 24 hours. It has a 24-hour volume of $51.12 billion, which increased 140% since it caught up with the uptrend.

Following both the leaders, BTC and ETH, the altcoin market is also experiencing a broad-based rally, with several top performers posting impressive gains. Solana (SOL) surged 12% to $175, while XRP saw a 10% jump to $2.41 in the past 24 hours.

Cardano (ADA) has also climbed 11% to $0.79, but BNB and TRX have surged by minimal gains of 4% and 5% respectively.

Meanwhile, meme coins like Dogecoin (DOGE) PEPE, and Shiba Inu (SHIB) saw gains of 10% and 30%, respectively, riding the wave of retail investor hype. Other notable performers include SUI’s 8% spike and Avalanche (AVAX), which gained 13% today.

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Crypto Fear & Greed Index Nears Extreme Greed

The crypto fear and greed index is now at 70/100, which is "Extreme Greed" territory. The market has seen seven straight days of gains, and traders will be closely watching key support and resistance levels as the market heads into the weekly close.

For Bitcoin, $100,000 is now seen as critical support, with $110,000 as the next major resistance. Ethereum’s immediate support lies at $2,200, with $2,500 as the next target. However, analysts caution that volatility could spike in the near term.

According to CoinMarketCap data, the global crypto market cap has surged 5.59% today with it now sitting at $3.27 trillion. The 24-hour trading volume for crypto markets has raised to $202 billion, a staggering 73% surge.