Leading cryptocurrencies experienced significant gains as former President Donald Trump endorsed Bitcoin's expanding adoption, calling it a "great thing" for the U.S. Here’s a detailed analysis of the market movement and key insights from analysts.
Cryptocurrency Market Performance
| Cryptocurrency | 24-Hour Change | Price (ET) |
|---|---|---|
| Bitcoin (BTC) | +1.18% | $108,713.46 |
| Ethereum (ETH) | +3.07% | $2,511.22 |
| Dogecoin (DOGE) | +3.03% | $0.1688 |
Key Highlights:
- Bitcoin surged past $108,000, with trading volume increasing by 25% in 24 hours. Its market dominance rose to 64.6%.
- Ethereum reached an intraday high of $2,523.32.
- The rally triggered nearly **$200 million** in liquidations, predominantly short positions ($164 million).
Trump’s Pro-Bitcoin Comments
Donald Trump highlighted Bitcoin’s role in reducing pressure on the U.S. dollar, stating its adoption benefits the economy. This endorsement added momentum to BTC’s upward trajectory.
Analyst Insights
Rekt Capital:
Identified Bitcoin approaching a critical weekly resistance level. A breakout could propel BTC to new all-time highs.
"Breaking this resistance would unlock new ATHs."
Autumn Riley:
Noted BTC’s bullish higher-low structure on 15-minute charts, suggesting weakening sell pressure.
"The pressure from sellers is fading…"
Top 24-Hour Gainers
| Cryptocurrency | Change | Price (ET) |
|---|---|---|
| Arbitrum (ARB) | +17.14% | $80.3639 |
| Pyth Network (PYTH) | +11.69% | $0.1105 |
| Immutable (IMX) | +8.19% | $0.4675 |
Market Context
- Global crypto cap: $3.3 trillion (+0.15%).
- U.S. equities: Dow Futures up 0.49%; S&P 500 and Nasdaq hit record highs.
- Trump signaled flexibility on July tariff deadlines, impacting macroeconomic sentiment.
FAQs
Q: Why did Bitcoin rally?
A: Trump’s positive comments and technical bullishness (higher lows) fueled momentum.
Q: What’s next for Ethereum?
A: ETH’s breakout suggests potential follow-through if BTC sustains resistance breaks.
Q: Are altcoins gaining traction?
A: Yes—Arbitrum, Pyth Network, and Immutable led 24-hour gains, indicating renewed altcoin interest.
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