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  • Omni Network skyrockets 180% as Bitcoin hits $118K: is $10 next?

    Omni Network skyrockets 180% as Bitcoin hits $118K: is $10 next?

    • Omni Network’s price soared 190% from $1.43 to $5.50.
    • The token’s trading volume spiked 5,200% to $749 million, driven by Bitcoin’s breakout to a new all-time high above $118,000.
    • Analysts say the altcoin season is looming, which could see the OMNI price eye $10 next.

    Omni Network surged a staggering 190% in a single day as the cryptocurrency market experienced a seismic shift, with Bitcoin smashing through $118,000 for another record high.

    Bitcoin’s gains saw the global crypto market capitalisation climb 6.2% to over $3.68 trillion.

    Meanwhile, an explosive rally across crypto saw $1.2 billion in liquidations.

    As OMNI eyes gain, there’s speculation of an impending altcoin season, and price may add on the surge to $5.40 seen earlier in the day.

    OMNI explodes, price nearly doubles

    Omni Network is a layer-1 blockchain focused on interoperability and has captured market attention with a staggering 190% price surge in the past 24 hours.

    The token skyrocketed from a low of $1.43 to an intraday high of $5.40, reflecting intense buying pressure.

    Omni Network Price
    Omni Network price chart by CoinMarketCap

    Notably, the altcoin’s trading volume exploded by 5,200%, reaching over $749 million.

    This came as investors piled into the token amid the broader market rally.

    Omni Network’s growing relevance in the decentralized finance ecosystem helped bulls.

    Altcoin season?

    The broader crypto market continued its rally alongside Bitcoin, with total market capitalisation climbing to $3.68 trillion—a 6.2% increase over the past 24 hours.

    Altcoins posted strong gains, led by Sei and Ethena, each up 20%, and Cardano, which rose 11%.

    The moves suggest a rotation of capital within the ecosystem, fueling speculation that a broader altcoin season may be underway.

    Arthur Hayes, former CEO of BitMEX, said the market appears to be on the verge of an altcoin cycle.

    He cited Bitcoin’s rise on strong volume and referenced geopolitical developments, including Trump’s stance on tariffs, as contributing factors.

    The bullish momentum is being supported by continued institutional inflows, reduced supply as investors move Bitcoin off exchanges, and growing interest in altcoins.

    As Bitcoin approaches the $120,000 mark, other major tokens like Ethereum, XRP, and Solana are also showing signs of accelerating upward.

    Projects such as Omni Network could also benefit from renewed altcoin interest as sentiment across the sector improves.

    Omni Network price prediction

    While the token remains well off its all-time high of $29.93, it’s up more than 230% since touching its all-time low of $1.37 reached on July 6, 2025.

    Omni Network Price Chart
    OMNI price chart by TradingView

    From a technical point of view, the RSI on the daily chart sits at 84, suggesting the OMNI token is deeply overbought.

    In this case, there’s potential for profit-taking, a risk that has cut across the market given recent gains.

    However, the MACD suggests bulls still have room for growth with the histogram rising.

    If buying pressure holds in the coming months, the OMNI price could target $10 next.
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  • Over $1.1 billion shorts obliterated as Bitcoin hits $118k

    Over $1.1 billion shorts obliterated as Bitcoin hits $118k

    Bitcoin Liquidations

    • Bitcoin saw a 5% daily surge that pushed BTC to a new all-time high above $118,000.
    • The sudden gains had shorts wiped out, with over $1.1 billion in short positions liquidated in 24 hours.
    • A trader on HTX was liquidated for $88 million.

    A spark of bullish momentum has seen Bitcoin smash through the $118,000 mark today, setting a new all-time high.

    The sharp move that had BTC moving from off the $110k low has triggered a massive wave of liquidations, which have wiped out over $1 billion in short positions across the cryptocurrency market in the past 24 hours.

    The surge, fueled by institutional demand, regulatory clarity, and macroeconomic shifts, has sent shockwaves through the crypto space, leaving traders and analysts scrambling to predict what’s next for the world’s largest digital asset

    Shorts see red amid $1.2 billion in liquidations

    Bitcoin, the crypto market’s bellwether, surged to a new all-time high of $118,403 on Friday, July 2025.

    Bitcoin price on the 7-day chart by CoinMarketCap

    Robust institutional demand and $1.18 billion in net inflows to Bitcoin spot ETFs on July 10 highlighted this move.

    Macro headwinds, with investors factoring in possible Fed rate cuts, have also added to the upside fuel.

    This rally triggered a massive short squeeze, with over $1.2 billion in crypto liquidations in the past 24 hours, a 140% increase from the prior day.

    The most dramatic fallout from Bitcoin’s surge was the annihilation of short-sellers.

    Over $1.11 billion in short contracts were liquidated in the past 24 hours, with $635 million tied to Bitcoin and $208 million to Ether, affecting 269,681 traders.

    One notable casualty was a single trader on the HTX exchange, whose $88 million short position was wiped out, underscoring the intensity of the market’s upward momentum.

    Whales make moves as Bitcoin surges

    With Bitcoin breaking a new all-time high, large holders were keen to keep hold of their windfalls.

    It included a Binance whale’s “powerful punch” that helped the market higher. CryptoQuant highlighted this in a post on X.

    “Until recently, whales on the US-based Coinbase exchange were driving the market, but today’s surge was driven by a significant move from a major whale on the Binance exchange,” said CryptoQuant’s DanCoinInvestor.

    While others bought BTC, some scrambled to preserve their positions amid massive liquidations.

    According to Lookonchain, a whale who was down by more than $10 million on a 1,135 BTC or $132.65 million short position, opted to deposit more funds to avoid liquidation.

    The whale added the $5.5 million USDC to his position on Hyperliquid with a new liquidation price of $121,080.

    James Wynn, recently in the headlines for major losses, has also seen positions wiped out in the last 24 hours.

    As BTC eyes further gains, analysts are saying the supply-side dynamics are tightening.

    For instance, Glassnode has noted that long-term holders and smaller entities are accumulating Bitcoin faster than its issuance rate.

    This accumulation, coupled with compressed volatility across all timeframes, has set the stage for Bitcoin’s breakout, with analysts eyeing $120,000 as the next psychological target.
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