Altcoins such as Solana (SOL), XRP (XRP), and Dogecoin (DOGE) are marching higher as the rally in cryptocurrencies broadens out beyond Bitcoin (BTC).
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Ethereum (ETH), the second largest cryptocurrency by market capitalization, has risen 6% in the past 24 hours, rising above $3,200, its highest level since February of this year. At the same time, the price of Solana, XRP, and Dogecoin are each up more than 3% in the last day as investors move into cryptocurrencies other than BTC.
The entire crypto market is getting a lift as U.S. lawmakers debate the “GENIUS Act,” bipartisan legislation that could dramatically expand the use of stablecoins, which are cryptocurrencies tied to an underlying asset such as the U.S. dollar. American President Donald Trump has said that Republican lawmakers who objected to a trio of crypto bills, including the GENIUS Act, are now ready to approve them.
Other Catalysts
Bitcoin has moved dramatically higher in recent days, hitting a record high above $123,000, on expectations for the crypto legislation and as institutional investors buy more digital assets. Crypto is also expected to benefit should the U.S. Federal Reserve cut interest rates as expected later this year.
BTC is currently trading at just under $119,330, having gained about 2% in the past 24 hours. Crypto trades around the clock, seven days a week. Analysts say that both retail and institutional investors now appear to be bullish on digital assets.
Is BTC a Buy?
Most Wall Street firms don’t offer ratings or price targets on cryptocurrencies such as Bitcoin, so we’ll look instead at its three-month performance. As one can see in the chart below, the price of BTC has risen 38.20% in the last 12 weeks.
