Bitcoin Clocks $110,000, Ethereum, Dogecoin Extend Gains: Well-Known Trader Peter Brandt Says BTC Could Gain Another 37% As Soon As August

Major cryptocurrencies rode the wave of Bitcoin's fresh all-time highs on Wednesday, gaining momentum alongside the top coin by market capitalization.

What Happened: The leading cryptocurrency broke $110,000 overnight, hours after officially bettering its previous high of $109,241 set on President Donald Trump's inauguration day. Bitcoin's trading volume spiked 136% over the last 24 hours.

The rally rubbed off on Ethereum as the second-largest cryptocurrency reentered the $2,600 region, with volumes surging by 51%.

Ethereum's dominance increased to 9%, while Bitcoin's market share narrowed marginally to 63.2%

Over $232 million in bearish shorts were erased in the last 24 hours, out of the total liquidations worth nearly $403 million.

Moreover, about $713 million in Bitcoin shorts were at further risk of liquidation if the leading cryptocurrency advanced to $112,000.

Bitcoin’s Open Interest soared 16.73% in the last 24 hours to a new record of $78.89 billion, suggesting heightened speculative interest. Over 50% of derivatives traders with open BTC positions bet in favor of BTC as of this writing.

The market retained the "Greed" sentiment, according to the Crypto Fear and Greed Index, indicating high buying interest.

Top Gainers (24-Hours)

The global cryptocurrency market capitalization stood at $3.41 trillion, following an increase of 1.93% in the last 24 hours.

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Stocks sank further on Wednesday. The Dow Jones Industrial Average fell 816.80 points, or 1.91%, to end at 41,860.44. The S&P 500 slid 1.61% to close at 5,844.61, while the tech-focused Nasdaq Composite dipped 1.41% to end at 18,872.64.

The sell-offs came after long-dated U.S. Treasuries tumbled to their lowest levels since October 2023, fueled by a weaker-than-expected bond auction and increasing deficit fears tied to Trump's proposed tax-cut plan. 

The 30-year Treasury yield jumped above 5.08%, while the benchmark 10-year yield hit 4.61%.

See More: Best Cryptocurrency Scanners

Analyst Notes: Seasoned trader Peter Brandt described Bitcoin making a new high as “wonderful” and stated he was long.

"Bull markets make ATHs all the time. It is the definition of a bull market. On track maybe for top of $125,000 to $150,000 by end of August," Brandt speculated.

Cryptocurrency analyst and trader Ali Martinez said BTC was entering a price discovery phase, with $116,000, $126,000, $136,000 and $148,000 being the "next key levels" to watch out.

Photo Courtesy: alfernec on Shutterstock.com

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