Bitcoin (BTC) price created a local low of $104,480 today and is up 0.50%. Following BTC’s footsteps, Ethereum (ETH) and Dogecoin (DOGE) prices are up 1.48% and 0.86%, respectively, at the time of writing. The bullish momentum can be attributed to the passing of the GENIUS stablecoin act. The bill passed a key procedural vote (cloture) with a 66-32 margin. This secures the bill enough support to limit debate and move toward a full Senate floor vote. Another reason for this recent enthusiasm can be seen by using blockchain data, which shows spot investors are buying the dips as BTC price inches closer to an all-time high retest.
Here’s Why Bitcoin, Ethereum, and Dogecoin Price Surging Today
As noted above, Bitcoin, Ethereum, and Dogecoin Prices are surging today due to two reasons:
- GENIUS Act vote passing in the procedural vote.
- Spot investors (both retail and major US institutions) buying BTC dips.
The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act achieved a significant milestone today in the U.S. Senate vote. With a 66-32 margin in the procedural vote, the GENIUS bill will be moved toward a full Senate floor vote. This is a bullish development for the crypto markets. The market capitalization of the cryptocurrency sector is 1.3% today and currently sits around $3.48 trillion, according to CoinGecko data.
The second and the most important reasons is Bitcoin catching a bid from spot investors. Data from CoinGlass shows perpetual CVD (Cumulative Volume Delta) dropping while Spot CVD being on an uptrend.
Additionally, the spot orderbook depth at 2% shows constant upticks on Bitcoin price dips. This indicates that the investors are buying BTC during market corrections. Although perpetual investors are also accumulating BTC on dips, their positions tend to be short-lived and hence, less impactful over the longer term. Regardless, their contribution has helped push Bitcoin prices higher, leading to an uptick in Ethereum and Dogecoin prices.
With Bitcoin and other altcoins rallying, the crypto market seems optimistic and ready to shoot higher. Bitcoin price, especially, is inches away from revisiting its all-time high.
ETH exchanges hands at $2,542 after a 2% intraday pullback. Regardless of the short-term correction, Ethereum stands above a key support level. DOGE trades at $0.224 today after dropping nearly 3% from the intraday top of $0.230.
What’s Next for Crypto Markets?
If Bitcoin revisits $109K ATH, it would attract a lot of hype and retail investors. A massive spike in buying pressure could easily propel it beyond this high to set up a new one. This development could see crypto market flip green for a longer duration than seen in the past few weeks. This could also allow altcoins to explode, bringing forth an altseason.
Based on the options data, Gamma Exposure (GEX) shows key levels to the upside include – $110k, $115k, $120k and $125k. These are areas where calls are clustered. To the downside, puts are clustered around $100K and $95K are two key levels to watch. These areas tend to serve as key support and resistance levels, which could influence BTC price moves.
Frequently Asked Questions (FAQs)
Due to the passing of the GENIUS stablecoin act and spot investors buying the dips.
A bill that achieved a significant milestone in the U.S. Senate vote, moving toward a full Senate floor vote.
They are buying BTC during market corrections, indicating a bullish sentiment.
Akash Girimath
Senior Cryptocurrency Analyst & Market Strategist
Engineer-turned-analyst Akash Girimath delivers data-driven insights on cryptocurrency markets, DeFi, and blockchain technology for platforms like AMBCrypto and FXStreet. Specializing in technical analysis, on-chain analytics, and risk management, he empowers institutional investors and retail traders to navigate market volatility and regulatory shifts.
A hands-on strategist, Akash merges active crypto portfolio management with research on Web3, NFTs, and tokenomics. At AMBCrypto, he led cross-functional teams to redesign content frameworks, achieving record-breaking traffic growth through scalable editorial strategies. His analyses dissect market sentiment, investment strategies, and price predictions, blending macroeconomic trends with real-world trading expertise.
Known for mentoring analysts and optimizing workflows for high-impact reporting, Akash’s work is cited across global crypto publications, reaching 500k+ monthly readers. Follow his insights on YouTube, X, and LinkedIn for cutting-edge perspectives on decentralized ecosystems and crypto innovation.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/why-are-bitcoin-ethereum-and-dogecoin-price-surging-today/
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