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Bitcoin Surges Past $116K as Crypto Market Momentum Builds

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Bitcoin Surges Past $116K as Crypto Market Momentum Builds

Bitcoin continued its historic rally Friday morning, pushing to new all-time highs above $116,700 as institutional demand and pro-crypto policy signals from the Trump administration fuel unprecedented market momentum.

The flagship cryptocurrency reached a peak of $116,703.44 early Friday morning, surpassing its previous record of $113,734.64 set on Thursday. The current price of Bitcoin stands at $116,608, representing a remarkable 24% gain year-to-date and cementing 2025 as a breakout year for digital assets.

Trump Administration Drives Policy Optimism

The sustained rally reflects growing confidence in cryptocurrency-friendly policies from President Trump's administration. In March, Trump signed a landmark executive order establishing a strategic national cryptocurrency reserve, signaling government endorsement of digital assets at the highest levels.

Key appointments have reinforced this pro-crypto stance, including Securities and Exchange Commission chair Paul Atkins and White House artificial intelligence czar David Sacks, both known advocates for cryptocurrency innovation. The administration's approach marks a dramatic shift from previous regulatory uncertainty.

Trump's business interests have also entered the crypto space directly, with Trump Media & Technology Group filing SEC documents this week outlining plans for a Bitcoin-focused exchange-traded fund. The move represents a convergence of political leadership and personal financial interest in cryptocurrency adoption.

Meme Coin Mania Returns

As Bitcoin blazed to new highs, meme coins experienced their own explosive rally, with several tokens posting double-digit gains that outpaced traditional cryptocurrencies. The meme coin category surged 10% in 24 hours, demonstrating risk appetite extending beyond established digital assets.

PENGU was one of the standout performers, climbing 29% to $0.019 and becoming the largest mover among the top 100 cryptocurrencies by market capitalization. The Solana-based token from the Pudgy Penguins ecosystem capitalized on renewed interest in community-driven projects.

Dogecoin, the original meme cryptocurrency, gained 7% to reach $0.186, while Dogwifhat jumped nearly 14% to $1.01. The trio generated combined trading volume exceeding $4.5 billion, highlighting the significant capital flows chasing meme coin momentum.

Other notable performers included Bonk, which surged 13% to $0.0000228, and Fartcoin, advancing 12.5% to $1.21. Even established tokens like PEPE participated in the rally, climbing 16% in 24 hours and nearly 30% over the past week.

Broader Market Strength

The cryptocurrency surge extended beyond Bitcoin and meme coins, with Ethereum advancing 6.9% to $2,959 in 24-hour trading. Alternative cryptocurrencies demonstrated broad-based strength, with Cardano gaining 10.46%, Sui rising 12.48%, and Arbitrum jumping 16.46% in the past 24 hours, per Coinmarketcap data.

Several tokens posted even more impressive gains, including Sei at 23.73% and Worldcoin at 18.8%, suggesting investors are rotating capital across the cryptocurrency ecosystem rather than concentrating solely on Bitcoin.

The global crypto market cap stands at $3.63 trillion, or 4.9% up from yesterday.

The combination of institutional adoption, favorable regulatory developments, and renewed retail interest in meme coins suggests the cryptocurrency market remains in a strong uptrend. However, the rapid pace of gains raises questions about sustainability and potential volatility ahead.

Market data as of July 11, 2025, 03:45 GMT

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