Bitcoin (BTC)price has soared past $112,000 for the first time, setting a fresh all-timehigh (ATH) this week, while Ethereum (ETH) jumped 7% to $2,790 and majoraltcoins posted significant gains. Thiscomprehensive analysis examines the key factors driving the current cryptoprice surge across Bitcoin, Ethereum, XRP, and Dogecoin (DOGE) markets. I amanswering the question why is crypto going up today and checking what technicalanalysis tells about the BTC/USDT, ETH/USDT, XRP/USDT and DOGE/USDT charts.Why Is Crypto Going UpToday? Major Cryptocurrency Performance BreakdownBitcoin Price Surge toRecord TerritoryBitcoinprice action has been particularly impressive, with the cryptocurrencybreaking through the $110,000 resistance level that had capped gains for weeks.On Thursday, Bitcoin's price experienced a slight correction, dropping by 0.3%to $110,969.The chartabove indicates that despite reaching a new all-time high, technically nothingsignificant has changed. Only a breakout above $112,000 would pave the way fora further upward move. Currently, however, the price could equally correct moresharply and return to the psychological level of $100,000, marking the boundaryof the current consolidation.Paul Howardfrom Wincent also provides technical insight into the breakthrough: "Themove in BTC prices +2.2% the last 24 hours is not particularly noteworthy initself, but made interesting because it sets a new ATH for the asset. This wasled by some ETF purchasing overnight and with the low volatility environmentthe last 2 months finally breaching $110k."Howardexpects Bitcoin to continue trading around the $110k level +/-2% forthe short term, based on options market positioning. The breakthrough cameafter Bitcoin's volatility declined significantly, a pattern that historicallyprecedes major upward moves.Ethereum Rally LeadsAltcoin PerformanceLooking atthe chart and Ethereum's recent performance, we can see that on Wednesday theprice rose by nearly 6%, closing the day at $2,589. On Thursday, it set anintraday high of $2,823, testing the highest levels in over a month. At thetime of writing, Ethereum is up 0.6%, trading at $2,786.From atechnical analysis standpoint, Ethereum, much like Bitcoin, remains in aconsolidation phase. The upper boundary of this range is defined by local highsfrom May and June, while the lower boundary corresponds to temporary lows fromFebruary, retested in the second half of last month below the $2,200 level.Also technically significant is the $2,400 mark, which has served as localsupport in recent weeks.Ethereumprice has emerged as a standout performer, with Howard noting the "6%pump on ETH and alts" as particularly significant. The Ethereum rally reflectsa broader shift as "alts look set to catch the tail wind from ETH'sascension as the newest treasury play."The surgewas amplified by forced liquidations as "long term leveraged ETH shortswere wiped out overnight forcing liquidations and a sudden pop," creatinga cascade effect that Howard believes looks sustainable given broader marketconditions.Digitalasset manager Bitwise's analysts identified ETH as one of the"cleanest" token plays for the tokenization trend, while long-onlyinstitutions are betting on Ethereum's future role in asset tokenization.You may also like: Ethereum (ETH) Price Prediction: Why the Ethereum Price Is Going Up and Where the ETH Price Is Set to GoXRP Price Momentum BuildsAccordingto my technical analysis, XRP is currently rising for the third consecutivesession, testing its highest levels since May 23. On Thursday, July 10, 2025,the intraday high reached $2.458, while at the time of writing, the price is up1.6%, trading at $2.44.From theperspective of my technical analysis, a key development occurred as XRP brokethrough the downward trendline drawn from the beginning of 2025. This breakoutopens the way for a potential retest and breakout of the local highs from May,between $2.60 and $2.67. Only then would I see a stronger case for bullishmomentum, possibly pushing the price toward the $3.40 level, last tested oversix months ago.XRP price hasgained significant traction, trading with weekly gains exceeding 7%. The XRPsurge reflects broader altcoin outperformance, as the rally extends beyondBitcoin to encompass major alternative cryptocurrencies benefiting from theEthereum-led momentum.Dogecoin Price ActionShows Technical StrengthDogecoin'sprice surged strongly during Wednesday’s session, gaining nearly 6% and testingmonthly highs. However, on Thursday, the meme cryptocurrency lost momentum andis currently up just under 0.5%, trading slightly above 18 cents.Among thecryptocurrencies analyzed in this article, Dogecoin is currently performing theweakest, still moving close to its recent multi-month lows. That said, it hasrebounded by around 30% from last month’s bottom and is once again approachingits psychological resistance level around 20 cents. A breakout above thisthreshold would signal a move into a higher trading range, with the upperboundary near 25 cents—May’s peak, which, for now, I consider a medium-termtarget for Dogecoin.Dogecoinprice demonstrated explosive movement with a 6% surge during recenttrading sessions. Technical analysis reveals DOGE is forming potential bullishpatterns, with institutional whale accumulation supporting continued upsidemomentum.Related: Why Dogecoin Price Is Surging? Breaking News and Price Predictions for July 2025Why Crypto Is Surging? PoliticalPressure Drives $15 Billion Bitcoin ETF SurgeThe primarycatalyst behind why crypto is rising stems from unprecedentedpolitical pressure on the Federal Reserve. Donald Trump's aggressive campaigndemanding Fed Chair Jerome Powell cut rates to 1% and resign has triggeredmassive institutional flows into Bitcoin ETFs."Thesharp surge in Bitcoin ETF inflows since late April 2025 has been primarilydriven by political pressure on the Federal Reserve, with Donald Trump openlydemanding that Chair Jerome Powell cut rates to 1% and resign," explainsMarkus Thielen, founder of 10x Research.Sincemid-April, Bitcoin ETFs have accumulated $15 billion worth of Bitcoin,creating relentless buying pressure that's forcing previously hesitant tradersback into the market. This institutional demand has remained consistent evenduring Bitcoin's consolidation phases, demonstrating the strength of underlyingfundamentals driving the crypto market rally.Industry Leaders ConfirmInstitutional MaturityThebreakthrough to new highs has drawn significant commentary from industryleaders who see this moment as a structural shift rather than merespeculation. Nick Jones, Founder and CEO of Zumo, emphasizes the fundamentalchange occurring in the market landscape."WithBitcoin surging past $112,000 for the first time to set a fresh record high,the market is booming. The rise is underpinned by increasing institutionaladoption and resurgent retail demand, reflecting confidence that cryptohas arrived in the mainstream and is now reshaping finance," Jones stated.Theinstitutional narrative extends beyond traditional finance into corporatetreasury strategies. Jones highlighted growing corporate interest in Bitcoin asa treasury asset, with Emirates making headlines through its decision tointegrate cryptocurrency payments into its operations.Ryan Chow,co-founder of BTCFi platform Solv Protocol with over $2 billion in total valuelocked, frames the current surge as a long-overdue recalibration fromspeculation to structural adoption. "What we're seeing is a long-overduerecalibration from speculation to structural adoption as mandates are beingrewritten around digital assets. Bitcoin's new all-time high is a signal ofgrowing institutional maturity and global confidence in crypto as an assetclass," Chow explained.Regulatory LandscapeShapes Market SentimentThe regulatoryenvironment is becoming increasingly supportive of digital asset growth.Jones highlighted the critical importance of upcoming regulatory developmentsin the UK, noting that "all eyes in the UK will be on Rachel Reeves whenthe Chancellor takes to the stage at Mansion House on Tuesday to provide anupdate on the Financial Services Growth and Competitiveness Strategy."The demandfor regulatory clarity is driven by growing retail adoption, withJones citing FCA research showing "12% of UK adults now own crypto – theseretail investors are looking for compliant propositions that offer a saferroute to market."Howardpoints to upcoming legislative developments in the US, noting that "weawait news in the coming week from the US administration on the STABLE andGENIUS bills, likely can expect prices grinding higher rather than any shortterm pullback."Liquidation Data RevealsShort SqueezeThe cryptoprice surge triggered the largest wave of liquidations since May, withover $460 million in short positions wiped out. More than 114,000 traders wereliquidated, with $463 million coming from short positions compared to only $64million from long positions.Thismassive short squeeze created a cascade effect, with waves of liquidationsaccelerating price movements higher across major cryptocurrencies.Onchainanalysis firm Santiment identified a crucial pattern supporting the digitalcurrency rise: retail trader-based wallets have been notably absent from thecurrent move. This historically indicates prime conditions for sharp upsidemoves."Whenretail shows FUD (whether through fear or impatience), these are usually primespots for smart money to move in and accumulate. This time has been nodifferent," Santiment noted.Frequently Asked Questions,FAQsWhy is crypto going up sofast?The rapidcrypto surge is driven by $15 billion in Bitcoin ETF inflows, politicalpressure on the Federal Reserve, massive short liquidations exceeding $460million, and growing institutional adoption with companies like Emiratesintegrating crypto payments.What's driving Bitcoin tonew highs?Bitcoin'srally past $112,000 is fueled by institutional ETF demand, declining volatilitypreceding major moves, corporate treasury adoption, and regulatory momentumaround digital asset legislation.Why are altcoinsoutperforming Bitcoin?Ethereumand other altcoins are benefiting from tokenization trends, ETH's emergence asa treasury play, forced liquidations of leveraged shorts, and smart moneyaccumulation while retail remains absent.This article was written by Damian Chmiel at www.financemagnates.com.