Why Is Crypto Up at Market Sees Broad Rally
The crypto market rebounded today after a brief downturn. Nearly every coin in the top 100 saw gains. Despite the price increases, the total market cap remained steady at $3.47 trillion.
Bitcoin Surges Above $109K
Bitcoin (BTC) rose 2.3% and reached $109,515, climbing from a daily low of $106,925. It now approaches resistance levels at $109,764 and $110,809. Breaking these could set a new all-time high.
Ethereum (ETH) jumped 6.1%, hitting $2,600 after hovering near $2,450 earlier today.
Why Is Crypto Up: Dogecoin Leads Top Gainers
Dogecoin (DOGE) surged 7.8%, reaching $0.1742. It outperformed all other top 10 coins. Meanwhile, Binance Coin (BNB) saw the smallest gain at 0.8%, now priced at $661.
Among the top 100, Bonk (BONK) led with a 20.8% increase. The memecoin is nearing 1 million holders, triggering a planned burn of 1 trillion tokens.
ETFs Report Positive Flows
Spot Bitcoin ETFs in the U.S. posted net inflows of $407.78 million on July 2. Fidelity led with $183.96 million. In total, spot BTC ETFs now hold $49.04 billion in cumulative inflows.
Conversely, Ethereum ETFs saw $1.82 million in net outflows. BlackRock reported the largest outflow at $46.89 million.
Investor Sentiment Improves
The Fear and Greed Index rose from 46 to 54, signaling a rise in optimism. Despite remaining in neutral territory, sentiment improved due to rising prices and ETF activity.
Additionally, the launch of the REX-Osprey Solana Staking ETF on the Cboe BZX Exchange added momentum. It closed with $12 million in inflows and $33 million in volume.
On-Chain Metrics Strengthen
According to Glassnode, BTC supply in profit jumped from 87% to 98% in one week. Gadi Chait from Xapo Bank noted that high-profit levels often increase market volatility.
Still, distribution remains low. “Investors are holding through,” Chait emphasized. He views the current rally as a sign of a healthy and maturing market.
Federal Reserve Outlook Supports Crypto
The market expects a 25 basis point rate cut by September. This anticipation adds to crypto’s strength, especially after the Fed held rates steady in June.
What to Watch Next
BTC remains close to its all-time high. A break above $110,809 could push prices further. Current support is at $108,600.
Meanwhile, macroeconomic updates such as U.S. job data and budget talks may influence short-term price action. Investors remain alert to global cues.
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