Bitcoin, Ethereum, and Dogecoin are rising today
Bitcoin, Ethereum, and Dogecoin are experiencing price surges today due to two main factors:
The GENIUS Act progressed in the U.S. Senate and significant spot buying of Bitcoin by both individual and institutional investors.
The GENIUS Act, aimed at guiding U.S. stablecoin innovation, passed a key procedural vote in the Senate with a 66-32 margin. This advancement, moving the bill closer to a full Senate vote, is seen as a positive development for the crypto market, which has seen its overall market capitalization rise by 1.3% today to approximately $3.48 trillion.
The second and more impactful reason for the price increases is the strong demand for Bitcoin from spot investors. Data indicates that while perpetual traders are reducing their positions, spot investors are actively buying Bitcoin during price dips. This persistent buying behavior, even on minor corrections, suggests investors are accumulating BTC, pushing its price higher. This upward momentum in Bitcoin has, in turn, positively influenced the prices of Ethereum and Dogecoin.
With these developments, the crypto market is displaying optimism, with Bitcoin nearing its all-time high. Ethereum is trading around $2,542, holding above a crucial support level despite a slight intraday pullback. Dogecoin is currently at $0.224, having dropped slightly from its intraday peak.
