Bitcoin nears record high — Ethereum and Hyperliquid breakout
With a price of $109,500, Bitcoin is only about two percent below its historic all-time high.
With a price of 109,500 US dollars, Bitcoin is only about two percent below its historic all-time high. Bitcoin rose nearly 4% in the last 24 hours and continues to outpace traditional assets with ease.
With a market cap of about $2.1 trillion, Bitcoin is currently worth more than Alphabet (Google). While Bitcoin is already performing impressively, Ethereum and several altcoins are outpacing this momentum. Ethereum (ETH) is up today by more than eight percent and is currently trading around $2,700. Solana is also delivering solid gains, climbing six percent to $160. New stars like Hyperliquid and Sui are posting strong growth numbers and are approaching the top 10 largest crypto assets.
The sudden price breakout on June 10 came as a surprise to many leveraged traders. According to data from Coinglass, within one hour short positions with a combined value of more than $330 million were liquidated.
On the traditional markets, there was no rally. Gold, the Nasdaq 100, and the S&P 500 showed only minimal moves compared with Bitcoin.
The reasons behind this upside move seem to stem mainly from a buildup of bullish news over the past weeks and months. Several companies have announced they will pursue a Bitcoin treasury strategy and buy BTC in bulk.
For a further push in the market, analysts and traders are looking to tomorrow: June 11 will see the latest CPI report from the U.S., which could provide new momentum.
