Ethereum News Today: Crypto Market Cap Surges 4% to $3.90 Trillion as US House Passes Key Bills

The crypto market experienced a significant bullish trend, with its market cap surging over 4% to reach $3.90 trillion. Bitcoin (BTC) reclaimed the $120,000 mark after a brief dip below $118,000, reaching an intraday high of $120,989 before stabilizing around $120,215. Ethereum (ETH) saw substantial gains, rising nearly 8% in the past 24 hours and over 21% in the past week, trading around $3,596. Ripple (XRP) also experienced a bullish surge, up nearly 18% in the past 24 hours and over 40% in the past week. Solana (SOL) crossed $180, with the price up nearly 8%, trading around $184. Other notable gains included Dogecoin (DOGE) up over 15%, and Cardano (ADA) up 16%, trading around $0.869. Stellar (XLM), Chainlink (LINK), Hedera (HBAR), Litecoin (LTC), Toncoin (TON), and Polkadot (DOT) also registered substantial increases.

Analysts attribute BTC’s recovery to the US House of Representatives clearing three key crypto bills aimed at creating a clear regulatory framework for the crypto industry. The landmark bills were approved, setting the stage for a clear regulatory framework for digital assets. The key piece of legislation, the GENIUS Act, sailed through the House with a 308-122 vote in favor. The bill was approved by the Senate in June. The other bills that cleared the House are the CLARITY Act and the Anti-CBDC Surveillance State Act. The CLARITY Act defines whether cryptocurrencies fall under the jurisdiction of the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC). Meanwhile, the Anti-CBDC Surveillance State Act prohibits the Federal Reserve from creating its own CBDC without prior approval from Congress. Market sentiment and the rally were also boosted by reports that President Trump could approve crypto investments for retirement accounts. President Trump could sign the executive order as early as this week, clearing regulatory hurdles to allow 401(k) retirement plans to invest in crypto.

Ethereum’s (ETH) upward trajectory continued as it extended its gains to a sixth consecutive day. Bullish sentiment around the asset has seen a substantial increase in recent sessions as institutional interest and ETH treasury companies drive up the asset’s price. The world’s second-largest cryptocurrency crossed $3,300 on Wednesday and $3,400 on Thursday. ETH has surged past $3,600 during the ongoing session, and is trading around $3,606. With bulls in control, ETH is eying the $4,000 mark. The asset’s price is up nearly 7% in the past 24 hours, and over 22% in the past week. ETH is also becoming increasingly scarce on OTC platforms, suggesting a significant increase in institutional demand. The scarcity was highlighted by Wintermute CEO Evgeny Gaevoy, who stated, “This divergence isn’t temporary—it’s the sign of a more mature, sophisticated, and specialized crypto market.” Institutional investors are increasingly treating BTC and ETH as macro assets in portfolios and anchoring their crypto strategies around them. Over-the-counter (OTC) volumes jumped over 400% in the first half of the year, with Wintermute’s OTC spot trading volumes outpacing centralized exchanges.

Solana (SOL) surged past $180 during the ongoing session, reaching an intraday high of $184 before declining to current levels. The altcoin has posted substantial gains over the past few sessions, up over 10% in the past week. SOL is up over 4% in the past 24 hours, trading around $180-$181. The rally comes after several bullish developments, including the launch of a staked Solana ETP on the Deutsche Börse Xetra. The ETP gives investors exposure to SOL, offering staking rewards. Additionally, the spillover effect from ETH’s ETF inflows has created demand for altcoins like SOL, leading to surging trading volumes.

Ripple’s (XRP) stunning rally has taken the altcoin past key levels in recent sessions. It crossed the $3 mark on Wednesday and continued rising on Thursday, consolidating its position before a marginal decline. However, the rally has lost momentum during the ongoing session, with the price down 1.38% after reaching an intraday high of $3.66. Despite the decline, analysts are confident XRP will cross $3.50 sooner rather than later. XRP’s current rally is being fueled by growing regulatory optimism around crypto-friendly legislation in the US. The launch of ProShares XRP Futures ETF has also had a positive impact on XRP’s price action.

Near Protocol (NEAR) has surged in recent sessions, going past key resistance levels and moving averages. The price dropped 0.99% on Monday but recovered on Tuesday, rising nearly 4% and moving to $2.24. Buyers retained control on Wednesday as NEAR rose 4.01% and settled at $2.33. Bullish sentiment intensified on Thursday as the price rallied, rising nearly 8% to cross the 50-day SMA and settle at $2.51. Despite the positive sentiment, NEAR lost momentum on Friday after facing volatility. As a result, it registered a marginal decline and settled at $2.50. Sellers retained control on Saturday as the price fell 0.90% to $2.48. NEAR recovered on Sunday, rising nearly 2% to end the weekend at $2.53. NEAR started the current week on a bullish note, reaching an intraday high of $2.69 before settling at $2.58, ultimately registering a 1.99% increase. Buyers retained control on Tuesday as the price rose 3.44% to $2.67. NEAR continued pushing higher on Wednesday and Thursday, rising 2.31% and 3.15% to $2.81. The current session sees NEAR up over 4%, trading around $2.93 after reaching an intraday high of $3.03.