The cryptocurrency market has experienced a significant upturn over the weekend, with leading digital assets like Bitcoin (BTC), Ethereum (ETH), XRP, and Solana (SOL) posting notable gains. This rally defies an unusual dip in daily transaction volumes, suggesting that macro-level catalysts rather than frenzied trading are at play. Investors are keenly observing developments in U.S. crypto regulation and shifting global economic forecasts.
The total cryptocurrency market capitalization now stands at approximately $3,86 trillion, reflecting a nearly 2% increase in the last 24 hours. Bitcoin, the market’s dominant cryptocurrency, is currently trading close to $118.000, having advanced 1% in the past day. This recovery marks a strong rebound for BTC, which saw a downward trend following the release of June’s U.S. Consumer Price Index (CPI) data. Bitcoin is now within 4,32% of its all-time high, with many anticipating a new peak in the near future.
Ethereum, the second-largest cryptocurrency by market cap, has also demonstrated robust performance. ETH climbed 2% over the last day, capping a remarkable week that saw its price surge by 22%, pushing it comfortably above the $3.500 mark. XRP, despite recently setting an all-time high, continued its upward trajectory with respectable daily gains, fueled by predictions of a sustained rally that could see its price reaching $17. Solana, while having achieved double-digit gains over the last seven days, saw its daily increase cool to a modest 0,8%. Other notable movers include Chainlink (LINK) up almost 4%, Avalanche (AVAX) gaining 5%, and Litecoin (LTC) surging by 7,65% in the past 24 hours. Interestingly, this broad market ascent occurred despite a 46% decrease in daily cryptocurrency trading volume, which fell to $135 billion, an atypical trend during a bull run.
The primary drivers behind this weekend’s optimistic price action appear to be fresh regulatory momentum in the United States and the growing anticipation of interest rate adjustments. The recent signing of the GENIUS Act into law, coupled with the House passage of the CLARITY Act and the Anti-CBDC Surveillance State Act, has injected a wave of positive sentiment into the crypto space. These legislative milestones are being interpreted as a step towards clearer, more favorable regulatory frameworks for digital assets.
Furthermore, prospects of impending interest rate cuts by the Federal Reserve are contributing to the upbeat market mood. Statements from figures like Federal Reserve President Mary Daly, who has advocated for two rate cuts amid mounting political pressure on Fed Chair Jerome Powell, reinforce expectations of a more accommodative monetary policy. Such policies are generally seen as beneficial for risk assets like cryptocurrencies.
Beyond legislative and macroeconomic factors, institutional interest continues to play a pivotal role. Major treasury companies are actively accumulating Bitcoin and Ethereum, signaling sustained institutional confidence. Positive reports surrounding potential exchange-traded funds (ETFs) for XRP and Ethereum are further adding steam to the current surge, highlighting increasing mainstream acceptance and investment avenues for these digital assets.
Disclaimer: This article is for informational purposes only and should not be taken as financial advice. Always conduct thorough research before making investment decisions.
