Bitcoin Breaks Out, Ethereum Gains Momentum

Market Trends & Dynamics - Bitcoin is hitting new records while the dollar is moving higher, a deviation from the typical inverse relationship [1] - The current Bitcoin rally appears to have more staying power compared to the blip in May 2022 [2] - A tech stock rally pushed Bitcoin to a ceiling around $110,000, triggering significant short liquidations [3] Cryptocurrency Performance - Over $600 million in Bitcoin short liquidations and over $200 million in Ether short liquidations occurred in the past 24 hours [3] - The biggest buying day of the year in both Bitcoin and Ethereum ETFs was observed [4] - Ethereum has been outperforming Bitcoin in recent months, experiencing a resurgence [6] Ethereum's Use Cases & Potential - Ethereum's rally is potentially a reflection of its practical use cases, as it allows for building applications on top of it [5] - Major brands like Amazon, Walmart, Uber, and Airbnb are showing interest in the stablecoin game, with Ethereum serving as the backbone for stablecoins and tokenization of stocks [8]