Other cryptocurrencies, like Ethereum and Dogecoin, saw even bigger gains, signalling broader investor optimism.
Bitcoin is moving closer to hitting $110,000, reaching its highest price in three weeks at $109,600. This upward movement wasn’t just limited to Bitcoin; major altcoins such as Ethereum and Dogecoin experienced even higher increases, indicating growing excitement among investors.
Investors seem hopeful about a possible interest rate cut from the U.S. Federal Reserve. This optimism, combined with the increasing acceptance of digital asset products, fueled a jump in crypto prices, with Bitcoin hitting a three-week high and altcoins leading the charge.
Dogecoin (DOGE), a popular meme coin, climbed 8% in the last 24 hours to reach $0.1743. This gain helped the eighth-largest cryptocurrency by market value recover some of the ground it had lost in the past month.
Meanwhile, Ethereum (ETH) saw a 6% rise within 24 hours, trading at $2,599. Bitcoin is trading at $109,436, up 2.3% in the last 24 hours. At its current price, Bitcoin is just over 2% away from its all-time high of $111,814, set in May.
Zach Pandl, head of research at crypto asset manager Grayscale, noted that “Bitcoin is in the passenger seat today and altcoins are leading the market higher.” He suggested that recent approvals for crypto exchange-traded products (ETPs) might be making investors more confident that traditional financial capital will find its way into altcoins.
Pandl also mentioned that clearer regulations in the U.S. are likely attracting more users and money into the crypto world. While asset values are currently within their recent ranges, he expects many tokens to reach new highs in the second half of this year.
The recent surge in the market coincided with U.S. President Donald Trump expressing support for a new trade deal with Vietnam. At the same time, Ripple revealed that it has submitted an application to the Office of the Comptroller of the Currency (OCC) for a national bank charter.
If approved, this charter would enable Ripple to function as a full-service bank throughout the United States, which could advance the mainstream adoption of cryptocurrencies.
Investors have also become more positive about a potential interest rate cut from the Federal Reserve, especially after recent “dovish” (meaning a preference for lower interest rates) comments from central bank officials.
The tech-heavy Nasdaq and the S&P 500 stock indexes both ended the day up, although by less than a percentage point, after hitting record highs earlier in the week.
However, some broader economic uncertainties remain. President Trump’s proposed budget faces challenges in the House of Representatives, and trade talks with China are still ongoing. Unresolved conflicts in Ukraine and the Middle East also contribute to macroeconomic risks.
Despite these factors, Joe DiPasquale, CEO of crypto fund manager BitBull Capital, explained that “Broader risk assets had perked up as rate cut hopes come back into focus.” He added, “It’s not a huge fundamental shift-more like positioning and sentiment catching a tailwind after weeks of consolidation.” DiPasquale concluded that “Crypto often thrives on a mix of uncertainty and liquidity bets.
Traders seem to be looking past geopolitical and fiscal risks, focusing instead on the prospect of looser monetary policy, and the resilience BTC has shown above key support levels. Macro risks are still there, but the market is currently pricing in more of the potential upside than the downside-at least for now.”
