Bitcoin and altcoins surge: what’s fueling the June crypto rally?

• XRP open interest hits $5 billion, signalling possible breakout.
• Dogecoin jumps above $0.20 as traders rotate into meme tokens.
• Analysts forecast potential highs of $137K for BTC and $12K for ETH in 2025.

The cryptocurrency market is gaining ground again in early June 2025, with Bitcoin, Ethereum, XRP, and Dogecoin all staging notable recoveries.

As of Tuesday, June 3, Bitcoin is trading around $105,000, Ethereum has pushed past $2,600, XRP is testing $2.20, and Dogecoin is holding near $0.20.

The rally follows a weekend of sharp liquidations and reflects renewed appetite among retail and institutional traders alike.

While short squeezes and technical momentum are partly behind the surge, broader macroeconomic factors and growing speculation around crypto ETFs are playing a key role in lifting sentiment.

Bitcoin holds firm above $105,000 as whales accumulate

Bitcoin’s price action has rebounded strongly since the end of May, recovering from a series of declines that wiped nearly $1 billion in open interest.

After bottoming out near $101,000, BTC reversed course with four consecutive days of gains, briefly hitting $106,560.

As of writing, Bitcoin is trading at $105,265.

Analysts attribute the rebound to ongoing whale accumulation, with on-chain data showing that large wallets have continued to absorb selling pressure during dips.

That trend, often viewed as a precursor to further rallies, has helped BTC maintain upward momentum despite broader market fatigue.

From a macro perspective, escalating geopolitical tensions and expectations around monetary easing have bolstered Bitcoin’s image as a non-correlated asset.

With central banks signalling policy shifts and the US dollar weakening slightly, Bitcoin is increasingly seen as a hedge against volatility.

Technically, Bitcoin remains supported above $103,000, with upside targets extending to $108,000 in the near term.

If buying pressure continues, models suggest a rally toward $137,000 is possible this month, while long-term forecasts still point to a potential $400,000 valuation by 2030.

Ethereum trades near $2,615, ETF speculation boosts sentiment

Ethereum has rallied over 7% in the past three days, recovering from lows near $2,430 to reach a session high of $2,650.83.

It is currently trading at under $2,610.

Ethereum’s price momentum is supported by growing speculation that the US Securities and Exchange Commission could approve a spot Ethereum ETF in the coming weeks.

In addition to the ETF buzz, the Ethereum Foundation’s recent reorganisation has sparked fresh interest in the blockchain.

A stronger focus on protocol development and staking infrastructure has drawn both institutional and retail inflows.

Ethereum remains above its key moving averages, and chart watchers are eyeing a breakout past $2,810 to trigger further gains.

However, previous attempts to breach that level have failed, suggesting that sustained bullish pressure is needed.

Some models forecast Ethereum could test $6,000 this year, with upside potentially extending to $12,000 if institutional demand increases significantly.

XRP builds pressure above $2.19 as open interest surges

XRP is showing signs of a breakout, with the token climbing nearly 7% from weekend lows and currently hovering near $2.20.

The price reached a daily high of $2.2229 on Tuesday, driven by a sharp increase in derivatives activity. XRP is trading at $2.21 currently.

Data shows open interest in XRP contracts nearing $5 billion, signalling high expectations of a decisive move.

This surge in open positions has fuelled speculation of a short squeeze if prices climb higher.

While XRP has historically seen large price movements during periods of heightened open interest, the absence of a clear catalyst—such as news on Ripple’s legal battle or an ETF approval—makes direction uncertain.

Price models suggest XRP could reach between $4.50 and $10 by year-end if conditions align, though any downside reversal may trigger sharp corrections due to the leveraged nature of current trades.

Dogecoin spikes to $0.2013 as traders rotate into meme coins

Dogecoin is back in the spotlight, reaching an intraday high of $0.2013 after three straight days of gains. It is currently trading around $0.195.

The move reflects a common pattern during broader crypto rallies, where profits from majors like Bitcoin and Ethereum are often redirected into higher-risk meme tokens.

The Bollinger Bands for DOGE are widening, indicating increasing volatility.

Traders are watching resistance near $0.2310 as the next level to break. If DOGE fails to hold support at $0.1900, a retest of $0.17 is possible.

While DOGE remains speculative, short-term technicals suggest room for further upside if market sentiment remains bullish.

What’s driving crypto prices higher today

A mix of factors is behind the rally across major tokens.

These include renewed institutional demand, technical momentum, macroeconomic concerns, and anticipation of regulatory clarity.

The possibility of more ETF approvals and the integration of crypto in traditional finance are also boosting market confidence.

The US Federal Reserve is expected to maintain a dovish stance in the coming months, which has weakened the dollar slightly and increased the appeal of digital assets.

Additionally, falling bond yields and reduced inflation risks have encouraged traders to shift towards alternative investments, including crypto.