Major cryptocurrencies continued to ride the wave of Bitcoin's fresh all-time highs on Wednesday, gaining momentum alongside the top coin by market capitalization.

BTC broke through the $110,000 mark overnight, adding to the gains seen after officially bettering its previous high of $109,241 set on President Donald Trump's inauguration day. BTC's trading volume shot up by 136% over the last 24 hours.

The rally also spilled over to ETH as the second-largest cryptocurrency reentered the $2,600 region, with volumes increasing by 51%.

ETH's dominance rose to 9%, while BTC's market share decreased slightly to 63.2%.

Over $232 million in bearish shorts were liquidated in the past 24 hours, part of the total liquidations of nearly $403 million.

Additionally, around $713 million in BTC shorts faced the risk of liquidation if the leading cryptocurrency advanced further to $112,000.

Bitcoin's Open Interest surged by 16.73% in the last 24 hours, reaching a new record of $78.89 billion, indicating heightened speculative interest. More than 50% of derivatives traders holding open BTC positions were betting in favor of BTC at press time.

The market retained the "Greed" sentiment, according to the Crypto Fear and Greed Index, suggesting strong buying interest.

Top Gainers (24-Hours)

The global cryptocurrency market cap now stands at $3.41 trillion, reporting an increase of 1.93% in the past 24 hours.

Stocks continued to sink on Wednesday. The Dow Jones Industrial Average fell by 816.80 points, or 1.91%, to close at 41,860.44. The S&P 500 slid 1.61% to reach 5,844.61, while the tech-focused Nasdaq Composite dipped by 1.41% to end at 18,872.64.

The sell-offs followed long-dated U.S. Treasuries falling to their lowest levels since October 2023. This decline was driven by a weaker-than-expected bond auction and rising deficit fears linked to Trump's proposed tax-cut plan.

The 30-year Treasury yield rose above 5.08%, and the benchmark 10-year yield hit 4.61%.

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Analyst Notes: Seasoned trader Peter Brandt described Bitcoin making a new high as "wonderful" and mentioned being long.

"Bull markets make ATHs all the time. It is the definition of a bull market. On track maybe for top of $125,000 to $150,000 by end of August," Brandt further remarked.

Cryptocurrency analyst and trader Ali Martinez stated that BTC was entering a price discovery phase, with $116,000, $126,000, $136,000 and $148,000 being the "next key levels" to keep an eye on.