Bitcoin Flirts With $112,000 — Ethereum, Dogecoin Spike Even As Stocks Flat On Debt Worries: Analytics Platform Sees Challenge For BTC At This Level – Grayscale Bitcoin Mini Trust (BTC) Common units of fractional undivided beneficial interest (ARCA:BTC)

Leading cryptocurrencies surged higher Thursday, even as stocks remained sluggish due to President Donald Trump’s tax bill-induced debt fears.

What Happened: Bitcoin nearly reached $112,000 during the day, as part of a record-breaking rally that has put the top cryptocurrency into a tailspin.

Ethereum, the second-largest cryptocurrency, also went up roughly 4% during the day, raising its market dominance to 9.3%.

Bitcoin was up over 18% in May, while Ethereum’s month-to-date gains shot past 47% as of this writing. 

Over $300 million was liquidated from the cryptocurrency market in the last 24 hours, with shorts again bearing the brunt.

Bitcoin’s Open Interest was largely unchanged in the last 24 hours, while Ethereum witnessed a 9% jump in funds locked in derivatives. 

Interestingly, the majority of Binance BTC traders were still short on the leading cryptocurrency.

According to the Crypto Fear and Greed Index, market sentiment has shifted dramatically from “Neutral” to “Greed” in a month’s time.

Top Gainers (24-Hours)

The global cryptocurrency market capitalization topped $3.50 trillion, following an increase of 1.67% in the last 24 hours.

Stocks ended nearly flat on Thursday. The Dow Jones Industrial Average lost 1.35 points to end at 41,859.09. The S&P 500 dipped 0.04% to close at 5,842.01, while the tech-focused Nasdaq Composite closed 0.28% higher at 18,925.73.

Investors responded to the House passing the Trump tax-cut bill, raising concerns about debt increases and pushing the 30-year Treasury yield to levels not seen since October 2023.

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Analyst Notes: Market analysis platform Barchart projected Bitcoin’s next moves, anticipating a “challenge” around $113,500.

“This 8-year trendline says it will face a challenge at about $113,500. Since late 2017, it’s been a tap-and-roll over. Will this time be different?” Barchart speculated.