The crypto surge is seen in the market this week, with Bitcoin (BTC) climbing past the $109,000 mark on July 3. Meanwhile, meme coins are back in the spotlight, with Pudgy Penguins (PENGU) becoming the biggest gainer of the day.
Let’s take a closer look at today’s price movements, what’s driving the market, and what investors should watch in the coming days.
Bitcoin Breaks Above $109K
Bitcoin is currently trading at $109,699, showing a strong 1.8% gain on the day. The leading cryptocurrency hit an intraday high of $110,161 and a low of $107,272, indicating notable upward pressure and renewed investor confidence.
The rally follows steady inflows into spot Bitcoin ETFs, which have brought in billions in capital since their approval earlier this year. Institutional interest remains a major driver of Bitcoin’s price performance, with many analysts suggesting this could be the start of a new consolidation phase before another breakout.
At current levels, Bitcoin is trading within a healthy range, and if momentum continues, it could soon test resistance around $111,000.
PENGU: The Top Meme Coin Today
While Bitcoin grabs headlines, PENGU — the token tied to the Pudgy Penguins NFT project — is stealing the show among altcoins.
PENGU surged by over 50% this week, currently trading between $0.014 and $0.015. The token’s sudden spike is largely attributed to speculation around a potential PENGU-related ETF filing. Reports suggest interest from Canary Capital and new filings with Cboe/SEC could be fueling the optimism.
The rise also mirrors a broader uptick in NFT-related tokens, with Pudgy Penguins remaining one of the most recognized and community-driven NFT projects in the space.
If bullish sentiment continues, PENGU could push toward a near-term target of $0.0174, though technical resistance near $0.015–0.016 could create short-term volatility.
Overall Market Snapshot
As of July 3, the global crypto market cap is hovering around $3.37–$3.4 trillion, reflecting steady growth. Trading volumes are robust, with activity across Bitcoin, Ethereum, and key altcoins showing healthy investor participation.
In addition to PENGU, BONK is up by more than 20%, and Moo Deng (MOODENG) leads today’s gainers with a massive 58% jump.
What’s Fueling the Surge?
Several factors are contributing to today’s rally:
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ETF Inflows: Continued institutional investment through spot Bitcoin ETFs has strengthened market sentiment.
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High On-Chain Profitability: Over 98% of Bitcoin holders are currently in profit, which may encourage both profit-taking and reinvestment.
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Renewed Interest in Meme Coins: Speculation around new ETF filings and strong NFT sales are reviving enthusiasm for meme coins, especially those linked to popular collections like Pudgy Penguins.
Looking Ahead
For Bitcoin, the key level to watch is the $111,000 resistance zone. If price action remains bullish, BTC could see a sustained climb into higher territory. Support around $107,000 may provide a cushion in case of short-term pullbacks.
As for PENGU, investor attention will likely remain focused on ETF-related updates and the broader NFT market. A confirmed filing or major announcement could drive the next leg up, but as always with meme tokens, volatility remains high.
Final Thoughts
Today’s crypto market shows a healthy mix of institutional-driven growth (through Bitcoin and ETFs) and retail excitement (via meme coins like PENGU). While Bitcoin’s steady climb provides stability, tokens like PENGU offer higher-risk, higher-reward opportunities for more speculative investors.
As always, staying informed and understanding the forces behind market movements is key to making smart investment decisions.