Why Is the Crypto Market Up Today?

The crypto market just had a solid day, jumping 3.64% and pushing total market cap to $3.81 trillion. Trading volume also surged by 62%, showing that interest is heating up fast. Both Bitcoin and Ethereum played a major role in this move. BTC price hit a fresh all-time high, and ETH broke back above $3,000 for the first time since January.

Bitcoin climbed 3.73% over the past day and is now trading at $122,197.10. Trading volume more than doubled, up 122%. As pointed out by CryptoPatel on X, Bitcoin touched $123,000 and logged its highest-ever weekly close at $119,096.

Looking at the chart, BTC price has finally broken out of the ascending triangle that’s been building since March. Price had been stuck between $103K and $118K for months. That ceiling is now behind us.

Source: X/CryptoPatel

This breakout followed strong support along a rising trendline that goes back to early 2024. Now, the $118K–$120K range is acting as the new support zone

If bulls stay in control, we could be looking at the next big targets, $130K and $140K. With volume staying strong and that breakout candle looking clean, momentum seems to be in the buyers’ favor right now.

ETF Inflows and Institutional Demand Drive Momentum

Data shared by The Crypto Basic on X reveals that between July 7 and July 11, Bitcoin spot ETFs attracted $2.72 billion in net inflows, while Ethereum ETFs added $907.99 million. This institutional activity coincided with a 118% rise in BTC’s 24-hour trading volume.

From July 7 to July 11, Bitcoin spot ETFs posted a weekly net inflow of $2.72 billion, while Ethereum spot ETFs recorded a weekly net inflow of $907.99 million. pic.twitter.com/Xfq7u3VHIQ

— TheCryptoBasic (@thecryptobasic) July 14, 2025

Coinbureau noted that Tokyo-listed Metaplanet acquired 797 BTC, mirroring MicroStrategy’s aggressive strategy. The company now holds 16,352 BTC valued at $1.9 billion

BREAKING: Metaplanet has just acquired an additional 797 Bitcoin bringing their total BTC holdings to 16,352 ($1.9bn).Despite being at all time highs, the accumulation continues! pic.twitter.com/QDMvLyLkTO

— Coin Bureau (@coinbureau) July 14, 2025

Speculation about the U.S. government announcing a strategic BTC reserve during “Crypto Week” also added to bullish sentiment. That event, running from July 14–18, includes discussions on regulatory acts such as the CLARITY and GENIUS Acts, along with anti-CBDC proposals.

Ethereum Reclaims $3,000 and Shifts Market Structure

Ethereum price is trading at $3,036.61, up 2.74% on the day. Trading volume rose by 56%. As noted by Greenytrades on X, ETH reclaimed the $3,000 mark for the first time since January. Weekly charts show a clean break above this mid-range level, which served as support and resistance since early 2023.

Source: X/GreenyTrades

ETH price has been locked in a macro range between $1,500 and $4,000. The reclaim of $3,000 signals a possible shift toward the upper half of that structure. Analysts suggest a move toward $3,800–$4,000 could follow if bulls hold this zone

SharpLink Gaming’s recent acquisition of 16,374 ETH, worth $48.85 million, added further fuel to supply pressure. According to CryptoTimes, the purchase was executed through Galaxy Digital’s OTC desk.

Total Market Cap Breaks Out From Compression Zone

The 12H total crypto market cap chart, shared by WorldOfCharts, shows a breakout from a descending wedge pattern. Price cleared the $3.35T–$3.40T resistance range and surged to $3.77T, a gain of $627 billion or 18%. The structure mimics a similar move seen in May, which led to a 31% rise.

Source: X/WorldofCharts

Support now sits between $3.60T and $3.65T. Analysts are watching for a healthy retest or continued price acceleration toward the $3.90T–$4.00T range. The vertical nature of the current rally and wide green candles suggest strong capital inflow. A sustained push would depend on price holding above the $3.60T support during any correction.

Read Also: Real Reasons Why Hedera (HBAR) Price Is Pumping

Subscribe to our YouTube channel for daily crypto updates, market insights, and expert analysis.

The post Why Is the Crypto Market Up Today? appeared first on CaptainAltcoin.