The crypto market is up today as Ethereum leads gains, ETF inflows rise, and a weaker US dollar boosts investor interest.
The crypto market is displaying gains today. The most popular tokens are increasing in price, but overall market capitalization declined slightly.
Ethereum Leads Gains as Crypto Market Defies Overall Cap Decline
At the moment, the total crypto market cap amounts to approximately $3.4 trillion. This represents a 2.5% decline, even though 95 of the top 100 coins have moved higher. Bitcoin remains steady. It rose just 0.4% in the last 24 hours, returning to where it was a day earlier.
Currently, Bitcoin trades above $108,800. Ethereum, on the other hand, saw a stronger move. It surged 3.1%, reaching $2,629. This makes Ethereum today’s top-performing major coin.
XRP also gained 3%, now sitting at $2.33. Other tokens like Cronos and SPX6900 posted double-digit increases. Cronos rose over 16%, and SPX6900 jumped 12.5%.
Only a handful of coins posted losses. Among them were Bonk and Fartcoin, with minor dips of 6.3% and 2% respectively.
The crypto market is gaining momentum based on a few key developments. The most important is the weakening of the US dollar.
Currently, the Dollar Index (DXY) is down 6.5 points from its 200-day average. A devalued dollar usually push capital towards higher risk investments such as cryptocurrency.
ETF Momentum and Global Policy Shifts Fuel Crypto Market Optimism
Many are currently finding alternative markets to invest in to hedge the deteriorating dollar strength. Analysts say this shift in sentiment is helping the crypto market hold firm.
Many investors are adjusting their portfolios and turning to crypto assets, which they consider more attractive at the moment. Another factor supporting the crypto market’s positive trend today is the possible approval of certain spot crypto ETFs like the ProShares spot XRP ETF.
This is regarded by analysts as a major factor towards broader crypto adoption. Increased interest is expressed in recent inflows in ETFs. On July 8, there was an inflow of $80 million into Bitcoin spot ETFs.
Ethereum ETFs brought in about $46 million. BlackRock led both categories, adding tens of millions to its crypto exposure.
Crypto activity is also getting a boost from new developments overseas. South Korea now classifies crypto brokers and exchanges as venture firms. This move creates an opportunity to get tax relief and funding.
Bitcoin and Ethereum Test Key Price Levels
In New Zealand, regulatory controls are being tightened. The authorities have outlawed crypto ATMs and capped funds movement overseas to $5K. Such limitations are included in the wider anti-money laundering requirements.
While the crypto market is up, trading volume remains low. Today’s trading total stands at just $82.5 billion. This suggests many investors are still cautious.
The market players are waiting for clear direction before committing more capital. In addition, price levels remain tightly watched.
Bitcoin’s price did not fall below $108,000 during the last session. Its intraday high hit $109,090. Investors now look to see if it can hold above $109,000.
For Ethereum, price support is near $2,500. A move above $2,635 could signal further gains. The current market sentiment is flat.
Fear and Greed Index is at 52 compared to the previous day. It has remained between 49 and 55 in the past week. This indicates that there’s no sharp drop or rise in confidence among market players.
GameSquare’s $100M Ethereum Bet Highlights Growing Institutional Crypto Interest
Meanwhile, top media company GameSquare has announced a $100 million Ethereum treasury strategy. Its goal is to generate yields of up to 14%, much higher than typical staking returns.
According to the announcement, the plan could extend to NFTs and stablecoins as part of a broader crypto push. The success of the crypto market contrasts with the performance of the stock market.
Tuesday was bullish for the Nasdaq as it experienced slight gains. However, the S&P 500 and Dow recorded drops. Such a performance indicates that the crypto market’s movement no longer depends on the stock market.
Even though the crypto market’s gains today show promise, the broader trend in the market remains sideways. Analysts indicate that further swings are likely to be experienced. But they predict positive sentiments over the long term.
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