The largest cryptocurrency, Bitcoin 
$77,690, surpassed the $109,000 mark on Wednesday, bolstered by positive macroeconomic factors. According to CoinMarketCap, Bitcoin rose by 2.5% over the past 24 hours, reaching $109,600 for the first time since June 12. Ethereum 
$2,329 climbed by 5.58% to $2,564, while other cryptocurrencies such as XRP, Solana 
$86, Avalanche, and Dogecoin 
$0.096194 also made notable gains. Analysts attribute the price surge to an increase in the M2 money supply and optimism stemming from the US-Vietnam trade agreement.
Macro Liquidity Boosts Prices
BTC Markets’ crypto analyst, Rachael Lucas, noted that the recent surge in M2 money supply has increased investors’ risk appetite. Lucas emphasized that the rise in liquidity is gradually impacting risk assets, eventually channeling funds towards cryptocurrencies.
Another source of optimism in the macroeconomic landscape was the reduction of the US import tariff on Vietnamese goods from 46% to 20%. Analysts suggest that this pre-emptive agreement, ahead of the 90-day tariff suspension ending on July 9, serves as a positive signal for ongoing negotiations with other countries, effectively reducing uncertainty risks.
Institutional Demand Could Propel Future Jumps
Although Bitcoin maintains its position above the critical $100,000 band, Lucas indicates that a sustainable catalyst is essential for enduring rises and new records. She identifies clear Federal Reserve messages on interest rates or ongoing fund inflows to spot ETFs as potential drivers.
Augustine Fan, Head of SignalPlus Insights, observed that the current cycle is primarily fueled by institutional capital. According to Fan, institutional acceptance positions Bitcoin as a treasury asset and collateral tool. If this momentum persists, new peaks will be inevitable. Fan also pointed out that Ethereum’s performance depends on the success of scaling decentralized finance projects, while altcoins like XRP, Solana, Avalanche, and Dogecoin remain under pressure due to low on-chain blockchain activity.
