Why is Crypto Market Up Today?
Highlights
- The crypto market has added $113 billion today, as a wave of green has taken over major tokens.
- Donald Trump’s pro-Bitcoin executive order, along with XRP’s lawsuit update, fuels the rally today.
- Fed’s high interest rate cut odds and more are also adding to the bullishness.
The crypto market is once again colored in green today, with investors riding bullish sentiments around Bitcoin and altcoins. A mix of fresh institutional activity and the key updates for the market resulted in introducing fresh bullish momentum. In this, Donald Trump’s BTC decision, XRP lawsuit updates, and many other factors play significant roles.
Crypto Market Adds $113 Billion Today as Tokens Skyrocket
With a significant uptrend in most of the cryptocurrencies, led by Bitcoin, Ethereum, XRP, and others, the crypto market is flourishing today. It has added $113 billion in market cap, pushing it to the $3.87 trillion mark after a 3% surge today.
Additionally, the investors’ activity is also high, with the trading volume standing at $180.95 billion after a 44% surge, signifying strong investor demand. Notably, every single digital asset has played a significant role in this, as CoinMarketCap’s heatmap shows green dominance.
- Source: CoinMarketCap, Crypto Heatmap
Top Event Fueling the Crypto Market Rally Today
Retail and institutional demand have played the most important role in this rally today, as many tokens witness significant developments. Starting with Bitcoin, U.S. President Donald Trump’s executive order (newly signed) allows cryptocurrencies in 401(k) retirement investment plans now.
- Source: White House Fact Sheet
Additionally, he nominated the Bitcoin-friendly economist Stephen Miran to the FED, fueling crypto investor optimism. Along with that, the U.S. Spot Bitcoin ETF inflows ($280M+ inflows on August 7) and institutional buyers’ activity also fueled its price. As a result, the Bitcoin price today surged 2%, currently trading at $116.7k.
Ethereum’s rally is dominated by SharpLink Gaming’s $200M raise for ETH purchase and other whale accumulations. After a 5% surge today, ETH trades near the $4k milestone. Interestingly, the most bullish news for the crypto market and its investors is the end of the XRP lawsuit.
With the dismissal of the final appeal, XRP has received the long-awaited regulatory clarity. Additionally, the chances of BlackRock’s XRP ETF plans also rose, increasing the bullishness around the token. As a result, XRP is currently trading at $3.33 with a 12% surge in 24 hours.
- Source: Stuart Alderoty, Ripple vs SEC Lawsuit Update
Notably, some bullish developments have taken place for the rest of the digital assets, and the macro is also favorable, resulting in a thriving market. At press time, the odds of Fed interest rate cuts in September are at the peak of 89.4%, driving the bulls. The Bank of England’s 25 bps rate cut is another addition.
- Source: CME FedWatch, Fed Rate Cuts Odds
Experts also note that the technical momentum favors the rally, as the total market cap remained above the key moving averages ($3.67 trillion to $3.8 trillion). Overall, the crypto market is up due to institutional development and regulatory milestones. It is more significant as the last few days of July and August began with a downtrend, but now the uptrend is taking shape.
Frequently Asked Questions (FAQs)
1. What is Donald Trump’s pro-Bitcoin executive order?
2. How is XRP performing after the lawsuit update?
3. Which macro factor is supporting the crypto market rally today?
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