Sideways at the top, and is Ethereum setting up for $4,000?
📈 Ethereum climbs 4% overnight - trading near $3,800 and approaching the key $4,000 level.
📉 Bitcoin dominance drops 6% - sparking speculation about the start of altcoin season, but it’s too early to confirm.
🪙 Altcoins like XRP, Solana, and Dogecoin - continue their upward momentum alongside ETH.
🇺🇸 The US passes the GENIUS Act - marking the first national crypto law and setting the tone for crypto regulation globally.
Bitcoin (BTC) starts the week trading sideways at around $119,000, virtually unchanged over the weekend, while Ethereum (ETH) has gained 4% overnight, now trading at $3,800. ETH is edging closer to the key $4,000 level last seen in December 2024. Other major cryptocurrencies like XRP, Solana (SOL), and Dogecoin (DOGE) have also continued to rally.
Bitcoin’s share of the total crypto market cap has dropped by more than 6% over the past week as altcoins outperform the market cap leader. Some analysts suggest this could be the early signs of altcoin season, though it’s too soon to call definitively. "While we're beginning to see some signals, the current rally is largely institution-driven, so it remains uncertain whether this strength will extend beyond large-cap 'Dino coins' to the broader altcoin market," Min Jung, research analyst at Presto Research, told The Block.
On the regulatory front, the US has officially passed the GENIUS Act, the country’s first national crypto legislation. "This afternoon, we take a giant step to cement American dominance of global finance and crypto technology as we signed the landmark GENIUS Act into law," President Trump said following the decision.
Will Ethereum and altcoins continue their rally in this positive regulatory environment, and will Bitcoin catch up? It’s a development to watch.
In the markets…
🌍 Total crypto market cap ↗️
The global crypto market cap is approximately $3.94 trillion, up 1.8% over the past 24 hours.
🟠 Bitcoin (BTC) ↗️
Price: $118,830 up 0.8% in the last 24 h
Daily high: $118,789
Daily low: $116,779
📈 S&P 500 ↗️
SPY is currently up about 0.000% since yesterday’s close.
🥳 Fear & Greed Index
The Crypto Fear & Greed Index stands at 68/100, indicating Greed among investors.
📊 Bitcoin Relative Strength Index (RSI) (14)
The 14-day RSI for BTC is approximately 62, in neutral territory.
Data is accurate as at 06:30 GMT, 21 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.
