Bitcoin Fluctuates Near $112K Amid Accelerating Crypto Rally

Bitcoin ($BTC) is making substantial waves in the crypto market with new price surges. As per the exclusive market statistics, Bitcoin ($BTC) has surged above $111K while endeavoring to reach $112K while several cryptocurrencies like Ethereum ($ETH) and Dogecoin ($DOGE) are also reflecting bullish momentum. This takes place after Bitcoin has successfully set $111,970.17 as its new all-time high price.

$BTC Sees $112K as Immediate Price Target Amid $ETH and $DOGE’s 3.81% and 2.67% Spikes

The latest market data reveals that Bitcoin is currently changing hands closer to its latest ATH while eyeing $112K as next price target. Analogously, the top altcoins such as Ethereum ($ETH) and Dogecoin ($DOGE) have also recorded 3.81% as well as 2.67% price spikes respectively. Specifically, Ethereum’s market dominance has increased to 9.3% while its price has attained the $2,686.39. Additionally, Dogecoin is hovering around $0.2474.

The bullish spin in the wider crypto market occurs irrespective of the stagnation in the financial sector. Equities reportedly closed flat on a large case, triggering new apprehensions regarding national debt after the House authorized the tax-cut bill of the U.S. President Donald Trump. Particularly, Dow Jones plunged by 1.35 points. Nonetheless, S&P 500 dropped by 0.04% and Nasdaq jumped by 0.28%.

May Records 18% and 47% Gains in Bitcoin and Ethereum Prices

On the other hand, crypto markets expressed noteworthy surge. Specifically, more than $300M in positions got liquidated over past twenty-four hours, mostly from diverse short sellers. Hence, Bitcoin saw an 18% gain just in May. In the meantime, Ethereum’s price jumped by 47%.

However, despite this upswing, the data from the popular crypto exchange Binance discloses that most of the Bitcoin traders are still holding short positions. Along with that, the overall, crypto market capitalization has reached the $3.5T following up to 1.67% increase. This underscores another landmark in the crypto market rally.