For the third time in 2025, the Bitcoin price has hit another all-time high, peaking at $112,150 late on Wednesday and liquidating nearly $200 million in short positions.
However, altcoins are the bigger news, with the Total2 market capitalization breaking out of its macro downtrend.
The Ethereum price surged by nearly 6%, reaching just shy of $2800. With ETHBTC showing significant bullish strength, several analysts now project that the highly anticipated “altseason” has finally begun.
Unsurprisingly, Solana meme coins are among the top performers, with Pudgy Penguins, Dogwifhat, and SPX6900, up by double digits over the past 24 hours.
Bitcoin Price Hits New All-Time High, Why Are Crypto Prices Up Today?
The Bitcoin price hit $112,000 late on Wednesday for the first time in its history.
Market intelligence platform Santiment highlights that the rally was inevitable. BTC’s recent price action has been shaped by a retreat of retail investors and increased accumulation by institutions and whales.
The crypto market typically moves in the opposite direction of the crowd’s expectations.
BTC’s bullish momentum doesn’t appear to be fading just yet. Around $1.5 billion in Bitcoin shorts would be wiped out if BTC reaches $120,000. The max pain zone points upward, making a continued rally more likely.
However, altcoins are now in the driver’s seat. The TOTAL2 market cap, which is the sum of the market cap of all crypto assets excluding BTC, has broken out of its macro downtrend.
Meanwhile, ETHBTC is showing strength as well, and a breakout above 0.02570 would confirm the start of an altseason.
Welcome to the bull market on #Altcoins.
Massive outperformance & breakout of $ETH.
— Michaël van de Poppe (@CryptoMichNL) July 9, 2025
Best Altcoins To Buy Now
Thanks to strong institutional demand, Ethereum is back to being one of the most attractive investments on the market.
The ETH price reclaimed $2800 on Wednesday, and analysts believe that $3200 is next.
$ETH
After $2800, I think $3200 can come pretty quick https://t.co/es7uQ1O1o6 pic.twitter.com/Z0EfD3e7Rc
— 
Pentoshi (@Pentosh1) July 10, 2025
Smart money investors continue to view meme coins as excellent beta bets on their respective blockchains. For instance, the Pepe price is up by nearly 10% over the past 24 hours, with a strong consensus that it is one of the best altcoins to buy today.
Other top altcoins in the Ethereum ecosystem, including Lido DAO, Optimism, Virtuals Protocol and Ethena, are also showing significant bullish strength.
Similarly, the Solana price has broken out as well, trading as high as $158 on Wednesday. Leverage traders are rushing to open long positions, with most anticipating another retest of the $180 resistance. A breakout there would pave the way for a rally to $240.
Much like Ethereum meme coins, Solana meme coins are pumping as well. Pudgy Penguins (PENGU) has posted the highest gains of any top 100 crypto asset on CoinMarketCap, likely buoyed by the SEC acknowledging Canary Capital’s spot PENGU ETF.
Dogwifhat and SPX6900 are among the top performers as well.
With the return of the bull market euphoria, new meme coins are back in the spotlight. For instance, Snorter (SNORT), which has already raised over $1.5 million in its presale, has caught the attention of whales and retailers alike.
It powers the Snorter Bot, a Telegram-based trading suite that offers sub-second sniping, copy trading, and scam protection.
With just 0.85% fees for token holders and plans to offer multi-chain support, Snorter Bot is the perfect trading tool for retailers looking to level the playing field against whales. Many prominent analysts are already calling it the next 50x crypto.
Visit Snorter Presale
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