Crypto Market Surges 0.56% as Bitcoin Nears $110,000, Dogecoin Leads Altcoin Gains

This week, the crypto market has experienced a significant surge, driven by a combination of easing trade tensions, political developments, and growing optimism around inflation. Bitcoin has risen to nearly $110,000, while Dogecoin has seen a 6% increase, outpacing other major tokens. The most notable event of the week was Elon Musk's endorsement of Bitcoin through his newly formed political party, the America Party, which sparked a public rebuke from Donald Trump.

Bitcoin's rise was not merely speculative but was catalyzed by clarity around Trump's tariffs, which have been delayed until August 1 instead of July 9. This three-week window provides global trade partners with more time to negotiate, easing fears of economic disruption. At the time of this publication, Bitcoin was trading at $108,851, up 0.56% in 24 hours. The crypto rally was further boosted by hopes that U.S. CPI data later this week will show a softening inflation trend, potentially leading to earlier Fed rate cuts. Markets are reacting positively to both the macro flexibility from the tariff timeline and renewed political interest in digital assets, fueling the rally.

While Bitcoin was the main headline, Dogecoin stole the show among large-cap coins, rising over 6% in 24 hours. This makes it top among majors like Solana (+3%), XRP (+2.7%), and ADA (+2.3%). Analysts attribute Dogecoin’s rise to two factors: speculative flows reentering meme coins and the growing social buzz around Elon Musk’s public political moves, especially his endorsement of Bitcoin. Although DOGE wasn’t mentioned in Musk’s tweets, his name always brings it into the spotlight. The crypto rally around DOGE again shows how sentiment trumps fundamentals in the short term.

Adding to the market excitement, Elon Musk officially confirmed via X that his new America Party will support Bitcoin. When a user asked if BTC would be part of the party, he replied, “Fiat is hopeless, so yes.” The tweet went viral and escalated the public feud between Musk and Trump. Over the weekend, Trump reportedly went after Musk for his recent criticism of the “Big Beautiful Bill” which Trump signed last week. On Truth Social, Trump called Musk a “train wreck” who has “gone off the rails” and mocked his plans to start a third party. The political drama added fuel to the crypto rally, giving traders another reason to get back in.

Another boost to sentiment came from Metaplanet, a Japan-based tech firm that announced they bought an additional 2,205 Bitcoin worth $240.8 million. That brings their total to 15,555 BTC or $1.68 billion. Metaplanet is now one of the largest corporate holders of Bitcoin, ahead of Tesla and Coinbase and just behind MicroStrategy and Block. They have publicly stated their goal to hold 210,000 BTC by 2027, which would be 1% of the total Bitcoin supply. These institutional purchases are the quiet backbone of the crypto rally as they provide structural support to the rising prices.

Meanwhile, reports have shared that Trump also announced a 10% tariff on countries he claims are “supporting BRICS,” saying they are “anti-American.” The timing of this was coincidental with the BRICS summit in Brazil where new members like Indonesia, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE have joined to challenge Western economic dominance. While the announcement got a lot of headlines, it had limited immediate market impact as the tariff is delayed and no details were given.

With inflation data this week and geopolitical tensions building, crypto is primed for volatility. However, the indicators suggest the bullish pressure may continue. The August 1 tariff delay gives the markets some breathing room. Elon Musk’s Bitcoin endorsement has retail sentiment fired up. Institutional flows from Metaplanet are backing up the long-term thesis. Much will depend on the CPI report on Thursday. A soft print could increase the chances of a Q3 rate cut and give this crypto rally more fuel.

In summary, the crypto rally accelerated as Bitcoin approached $110,000, Dogecoin led altcoin gains with 6%, and the America Party endorsed Bitcoin. Musk’s “fiat is hopeless” comment caused a stir and Trump fired back at Musk’s third-party plans. The tariff delay took some macro pressure off and Metaplanet’s $240M Bitcoin buy gave institutional confidence.