Bitcoin Hits $111K, Eyes Record Breakout; Ethereum Leads Market with 6% Rise

Bitcoin Briefly Tops $112K on Exchanges as Ether Jumps 6%, Signaling Fresh Bullish Momentum

Bitcoin surged past $110,000 on Wednesday, briefly hitting new highs on select exchanges and pushing closer to its all-time peak. The move triggered a broad rally across the crypto market, with Ethereum leading the charge.

BTC climbed to $110,770.05 during U.S. trading hours, breaking free from a prolonged consolidation phase. On platforms like Binance, Coinbase, and Bitstamp, the price exceeded the previous May 22 high of $112,000. However, aggregated data from CoinDesk, CoinGecko, and CoinMarketCap showed it falling just short of a record high across the board.

At last check, bitcoin was trading around $111,400, marking a 2.4% daily gain. Ether (ETH) saw a stronger performance, rallying 6% to $2,760, reaching a one-month high.

The price spike caught leveraged traders off guard. Data from CoinGlass showed $425 million in short positions were liquidated, as sellers were squeezed out by the sudden surge.

The $110,000 resistance zone had repeatedly capped bitcoin’s upside in recent weeks. This breakout has investors speculating that momentum could carry prices to new highs if follow-through continues.

Public crypto stocks reacted positively:

• MicroStrategy (MSTR) climbed 4.4% to $414, just shy of its 2025 high.
• Coinbase (COIN) gained 5%.
• Miners Marathon Digital (MARA) and Riot Platforms (RIOT) both rose around 6%.

Despite relatively quiet market sentiment, analysts suggest bitcoin may be gearing up for a bigger move.

“Crypto feels so quiet, [while] bitcoin is ready to move,” said Charlie Morris, CIO of ByteTree, pointing to declining volatility as a typical precursor to large price swings.
“The setup for the next one is looking good. The quiet bulls are the best.”

Ethereum also drew institutional attention. According to Joel Kruger of LMAX Group, ETH’s strength above key support is being driven by rising interest in its role in asset tokenization and settlement infrastructure.

Analysts at Bitwise echoed this view, calling ETH one of the “cleanest” investment plays tied to the growing tokenization trend, as reported by The Block.