Crypto.com Coin Surges 17% on ETF News, Bitcoin Stagnates

Crypto.com Coin (CRO) has experienced a remarkable surge, reaching its highest point for the month. The asset skyrocketed by over 17% at one point, propelling it from approximately $0.082 to $0.095. Following a slight correction, CRO shot up again to surpass $0.1 for the first time in about a month. Although it has since lost some traction and is currently down to $0.095, it remains up by over 15% on the day. This significant price movement was triggered by news that Truth Social, the social media platform operated by the Trump family, had filed with the US SEC to launch a Crypto Blue-Chip ETF. This ETF would include major cryptocurrencies such as BTC, ETH, SOL, CRO, and XRP, which has likely contributed to the bullish sentiment surrounding CRO.

Bitcoin (BTC), on the other hand, has shown relatively subdued price actions in the past 24 hours. Despite brief attempts at a breakout, the asset has been confined within a tight range between $107,600 and $109,300, currently sitting closer to the upper boundary. This stagnation comes after a week of unspectacular price movements, where Bitcoin slipped toward $105,000 on July 2 but quickly recovered to above $110,600. The asset's market capitalization has risen to $2.160 trillion, while its dominance over altcoins has decreased to 62.9%.

Other altcoins have also posted impressive gains within the same timeframe. LINK, for instance, is up by 5%, while more notable price pumps come from NEAR, AAVE, XLM, HBAR, and LINK, all of which have added around 5-6% of value. The cumulative market cap of all crypto assets has recovered from the losses seen yesterday and is now up to $3.440 trillion. This positive market sentiment is likely driven by the overall bullish momentum in the cryptocurrency market, with both major and altcoins showing substantial gains.

However, it is important to note that the cryptocurrency market is highly volatile, and prices can fluctuate rapidly. Investors should exercise caution and conduct thorough research before making any investment decisions. The recent price movements in CRO and Bitcoin, as well as the overall market sentiment, suggest a positive outlook for the cryptocurrency market. However, it remains to be seen whether these gains will be sustained in the long term.