Ethereum and others surge as Bitcoin investors ponder next move
🚀 Ethereum leads the charge - rallying 8% overnight and nearing $3,500, while XRP, Solana, and Dogecoin also post gains.
🏛️ US "Crypto Week" advances - with lawmakers moving forward on three key crypto bills that could accelerate institutional adoption.
😎 Investor sentiment continues to shift in Greed - with the total crypto market cap up 1.8% overnight and questions about Bitcoin’s next move.
Ethereum (ETH) has rallied another 8% overnight, bringing the asset close to $3,500 this morning. Other large-cap cryptocurrencies like XRP, Solana (SOL), and Dogecoin (DOGE) have also posted strong performances over the past 24 hours. Meanwhile, Bitcoin (BTC) is trading sideways after a flurry of new all-time highs last week.
Glassnode noted in its weekly update: “So far, we have experienced the first major wave of high-volume profit-taking since the peak in late 2024.” However, the report adds that there’s currently strong support at these price levels, which could help the market absorb further pullbacks.
The broader rally in crypto markets coincides with "Crypto Week" in the US, where lawmakers are debating a series of crypto-related bills. The latest reports indicate that the House of Representatives has agreed to advance all three bills. Bitwise CEO Matthew Hougan says one of the overlooked drivers behind Bitcoin’s recent surge is this regulatory momentum. “Clear crypto legislation will incentivize the largest financial institutions to build in crypto, bringing billions in investment and guiding trillions of dollars of traditional assets onto blockchain-based rails,” he wrote on LinkedIn. “If you’ve ever wondered what would happen to crypto if JPMorgan, Bank of New York Mellon, and Nasdaq could build freely in the space, you’re about to find out.”
The total crypto market cap is up 1.8% overnight, while the Fear and Greed Index points to a shift toward more Greed among investors. The question now is: How long will the current momentum last? And will Bitcoin rejoin the rally, or is it heading into a period of consolidation?
In the markets…
🌍 Total crypto market cap ↗️
The global crypto market cap is approximately $3.81 trillion, up 1.8% over the past 24 hours.
🟠 Bitcoin (BTC) ↗️
Price: $118,126 up 0.03% in the last 24 h
Daily high: $120,008
Daily low: $117,899
📈 S&P 500 ↗️
SPY is currently up about 0.3% since yesterday’s close.
🥳 Fear & Greed Index
The Crypto Fear & Greed Index stands at 70/100, indicating Greed among investors.
📊 Bitcoin Relative Strength Index (RSI) (14)
The 14-day RSI for BTC is approximately 44, in neutral territory.
Data is accurate as at 07:20 GMT, 17 July.
Cautionary Notes
It's definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.
