BTC Breaks $111K, Approaches All-Time High; ETH Rallies 6%, Outpacing Top Coins

Bitcoin Brushes Past $112K on Select Exchanges as Ether Soars 6% in Broad Crypto Rally

Bitcoin briefly surged above $110,000 on Wednesday, edging close to record highs and sparking a wave of liquidations across the crypto market.

During U.S. trading hours, the top cryptocurrency climbed to $110,770.05, breaking out from weeks of tight range trading. On several major exchanges—including Binance, Coinbase, and Bitstamp—BTC even surpassed its previous May 22 record of $112,000. However, aggregated data from CoinDesk, CoinGecko, and CoinMarketCap showed bitcoin falling just shy of establishing a new all-time high across all platforms.

By late afternoon, BTC was trading near $111,400, up 2.4% on the day. Meanwhile, Ether (ETH) posted an impressive gain, climbing 6% to about $2,760, its highest price in over a month.

The sharp rally unleashed significant volatility in crypto derivatives markets. Data from CoinGlass indicated that roughly $425 million in short positions were liquidated as traders betting against the surge were forced to cover losses.

In recent weeks, the $110,000 level has repeatedly served as a strong resistance zone, with sellers and short positions emerging as bitcoin approached the mark. The latest push higher is fueling speculation that a more sustained upward trend could be taking shape.

Crypto-linked stocks were also swept up in the momentum. MicroStrategy (MSTR) rose 4.4% to $414, approaching its 2025 high but still below its all-time peak of $543. Coinbase (COIN) climbed 5%, while bitcoin miners Marathon Digital (MARA) and Riot Platforms (RIOT) both advanced by about 6%.

Despite the market’s mostly calm appearance, analysts see conditions aligning for potentially bigger moves.

“Crypto feels so quiet, [while] bitcoin is ready to move,” said Charlie Morris, Chief Investment Officer at ByteTree, noting that bitcoin’s low volatility often signals the calm before a significant rally.
“The setup for the next one is looking good. The quiet bulls are the best,” he added.

On the Ethereum side, Joel Kruger, market strategist at LMAX Group, highlighted ETH’s solid performance above key support levels, driven by rising interest from institutional investors who see Ethereum as a foundational platform for asset tokenization and financial settlement infrastructure.

Analysts at Bitwise shared a similar outlook, describing ETH as one of the “cleanest” investment opportunities for gaining exposure to the tokenization trend, according to reporting by The Block.