A wave of optimism is sweeping the crypto market as top cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and XRP have experienced significant gains today. What’s driving today’s crypto market growth?
BTC, XRP and ETH Record Gains as Market Recovers
Interestingly, the crypto market is witnessing a remarkable rebound from the recent market crash, according to CoinMarketCap data. At press time, the global market cap is at $3.39 trillion, marking a notable rise of 2.63% over the past 24 hours.
The Bitcoin price had earlier broken above the psychological $110,000 level, reaching an intraday high of $110,550. BTC has now dropped to around $109,144 and risks losing its gains from earlier in the day.
At the same time, the Ethereum price also saw a more impressive hike of 6% today. Despite a marginal monthly dip of 0.7%, the token surged by nearly 5% in a week. The 24-hour trading volume has reached $25.21 billion, up 54%.
XRP is also showing a positive trend, with its price surging above $2.3. Ripple’s token has seen remarkable gains of 3.7%, 3.9%, and 4% over the past day, week, and month, respectively.
Other top ten tokens like BNB and Solana have also marked substantial hikes of 2.1% and 4.1%, respectively. While the prominent meme coin Dogecoin surged by a massive 8%, the Cardano price increased by 8.89%.
Factors Fuelling Crypto Market Surge
Significantly, the crypto market’s current uptrend is driven by a confluence of factors, sparking renewed confidence among institutional and retail investors alike.
Fed’s Interest Rate Cut Anticipations
As CoinGape reported, Fed Chair Jerome Powell has hinted at the potential interest rate cuts this year. He also signalled a potential interest rate cut during the upcoming July FOMC meeting, sparking market speculation and potentially influencing investor decisions. Federal Reserve Governor Christopher Waller also suggested that a potential rate cut as early as next month is possible.
Bitcoin Treasuries on Rise
CoinGape reported last week that nine new companies have invested in BTC for Bitcoin Treasuries. Leading figures like Anthony Pompliano intend to create a diversified reserve with BTC. Anthony Pompliano’s ProCap invested $1 billion to create ProCap Financial. Driven by this growing interest in BTC, Standard Chartered projected Bitcoin’s potential surge to $200k in 2025 Q4.
Trump’s Big, Beautiful Bill
In an X post, analyst Ted shed light on the possible influence of Donald Trump’s Big, Beautiful Bill on the crypto market. As this controversial bill awaits final approval from the US House, the crypto market is reacting in a positive manner, said Ted. His tweet read,
If this big, beautiful bill gets approved, things are going to change fast in the crypto market. We’re heading straight into the banana zone. Our altcoins will go parabolic.
The US House is expected to have a final vote on Trump’s bill, and it is likely to pass after Republicans secured enough votes for a procedural vote overnight. If the bill passes, Trump could sign it as early as tomorrow.
A US-UK trade deal has taken effect, cutting tariffs on UK imports, including a significant reduction in auto export tariffs from 27.5% to 10%. In addition, Trump has announced a deal with Vietnam, with the US imposing a 20% tariff on Vietnamese exports, while Vietnam will grant the US “total access” to its markets with zero tariffs on American goods.
Nynu V Jamal
Nynu V Jamal is a Senior Journalist at CoinGape. She boasts more than 3 years of experience in content writing, with expertise in crypto and blockchain. She has contributed to platforms like CoinEdition and CryptoTale, demonstrating her proficiency in navigating the dynamic crypto landscape.
Beyond her journalistic pursuits, Nynu is a literary enthusiast, having served as an Assistant Professor of English Language and Literature. She is a Master’s degree holder in English Literature and a UGC NET qualifier. Her academic background has enabled her to publish research papers on literature, while also nurturing her creative side as a published poet.
Her creative side extends to music, crafts, and art, which she actively explores. Her unique blend of analytical and creative skills allows her to craft engaging stories that captivate audiences. Stay updated with Nynu on LinkedIn
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Source: https://coingape.com/crypto-market-up-today/