Ethereum News Today: Crypto Market Surges 25% as US Policy Optimism Drives Bitcoin to $120,012

Recent legislative developments in the United States have catalyzed a significant surge in cryptocurrency values, with Bitcoin surpassing the $120,000 mark. This rally extends beyond Bitcoin, with altcoins like Ethereum, Solana, and XRP also posting impressive gains. The market's response reflects an adjustment to reduced regulatory uncertainty, a factor long considered a barrier to the crypto market's maturation.

The crypto market's upbeat sentiment coincides with what's being referred to as "Crypto Week" on Capitol Hill, involving the progression of several pivotal bills. The GENIUS Act, regulating stablecoin issuers, has made swift progress through legislative channels. The Digital Asset Market Structure Act is clarifying the classification of various digital assets. The Anti-CBDC Surveillance State Act is gaining support for its stance against a government-backed digital dollar. These legislative strides are being echoed in the crypto market's performance, signaling a potentially less volatile future for digital assets.

Bitcoin (BTC) has hit a new all-time high on U.S. policy optimism, trading at $120,012 with a 24-hour percentage change of +2.6%. Ethereum (ETH) is trading at $3,443.64 with a 24-hour percentage change of +7.3%, driven by strong ETF flows and altcoin momentum. Solana (SOL) is at $179.12 with a 24-hour percentage change of +5.1%, riding the broader risk rally. XRP is trading at $0.84 with a 24-hour percentage change of +4.8%, rebounding with legislative clarity. Dogecoin (DOGE) is at $0.19 with a 24-hour percentage change of +6.4%, gaining speculative traction as a meme coin.

Amidst these market dynamics, Outset PR has emerged as a pivotal player in shaping public perception and understanding of the crypto space. Founded by crypto PR veteran Mike Ermolaev, OutsetPR.io operates at the intersection of data-driven insights and strategic narrative development. The firm’s unique approach involves a meticulous selection of media outlets and customized pitching, ensuring that each campaign not only reaches but resonates with its intended audience, thereby maximizing engagement and impact.

With a clearer regulatory landscape on the horizon and increased institutional engagement, the crypto market is poised for more sustainable growth. Entities like Outset PR are instrumental in navigating this evolving narrative, ensuring clarity and coherence in market communications. The global cryptocurrency market capitalization is nearing the $4 trillion milestone, largely due to institutional investment and the rising value of Bitcoin.

Ethereum (ETH) has also seen a significant resurgence, surging over 50% in less than four weeks and reclaiming heights last seen in late January. This surge has been accompanied by a record-breaking 152.03 million non-empty wallets, the most extensive active user base in the cryptocurrency market. The dramatic rebound in Ethereum’s price has captured the attention of the crypto community, triggering the highest level of social media discussions since May 2024. Market intelligence platforms indicate that ETH was the top trending crypto asset in the last 24 hours across various social media platforms, with conversations predominantly characterized by bullish sentiment as users set their sights on $4,000. This uptick seems to have been fueled by a combination of institutional accumulation and renewed investor enthusiasm following Bitcoin’s recent run to a new all-time high.

On July 16, spot Ethereum ETFs shattered records, attracting more than $726 million in net investments. Leading the charge was BlackRock’s iShares Ethereum Trust (ETHA), which registered its highest single-day inflow since launch with a $489 million haul. With Fidelity and Grayscale also reporting substantial capital entries, corporate holdings of the asset have swelled to 1.6 million ETH, valued at an estimated $5.3 billion. As noted by the Strategic Eth Reserve, accumulation is now occurring 36 times faster than new ETH issuance.

In the last 24 hours, the cryptocurrency rose 10% to trade around $3,450. In the past seven days, its value increased by 25%, vastly outperforming Bitcoin’s 6.8% growth in the same period. More notably, SwissBlock’s recent Altcoin Vector report hinted at ETH’s growing magnetism for liquidity after noting a steady rise in the ETH/BTC ratio. The report suggests that Ethereum is now the cycle’s next leg after BTC briefly retreated to under $116,000 before bouncing back close to $119,000.

The milestone of 152.03 million non-empty wallets, highlighted by Santiment, is viewed by watchers as a sign of the network’s expanding user base and fundamental health. The mass fear of missing out (FOMO) has now shifted to ETH, with many expecting its price to hit $4,000 imminently. Others, like on-chain analyst AbramChart, suggest that the asset will fly to new all-time highs past $5,200 if BTC’s dominance decreases.

The broader market confidence is evident in the steady growth of well-established tokens like BTC, ETH, XRP, DOGE, and LINK, which have shown growth between +5% to +10%. Even smaller-cap coins have experienced gains, indicating a widespread bullish sentiment across the market. This optimism is further fueled by the potential for Bitcoin to reach new heights, with some analysts predicting it could surpass $145,167 by 2025, $458,647 by 2030, and over $1 million by 2035. However, these predictions should be taken with caution, as they are based on analyst forecasts and not guaranteed outcomes.