After a poor performance on July 5, the cryptocurrency market rebounded today, but there are concerns that this rebound may be short-lived. Major cryptocurrencies like BTC, ETH, SOL, and ADA have all seen significant gains, while meme coins have also posted impressive increases.
The Sunday surge defined today's cryptocurrency market
CoinMarketCap data shows that cryptocurrency prices have surged, with Bitcoin, Ethereum, Solana, XRP, and Cardano all experiencing substantial increases. The sudden rise over the weekend took traders by surprise, with experts calling it a typical 'Sunday surge', characterized by low trading volumes.
According to cryptocurrency price aggregators, Bitcoin is slowly approaching $108,836, riding the wave of the 'Sunday surge'. Currently, this top cryptocurrency is less than 3% away from its all-time high, and investors are considering immediate Bitcoin purchase strategies.
The largest altcoin by market cap, Ethereum, has firmly held the psychological level of $2,500, rising nearly 2% in the past day. XRP bulls are gearing up and celebrating its upward momentum, with the current trading price surpassing $2.27. Additionally, SOL has risen nearly 3% in the past 24 hours, closing at $151.47; Dogecoin (DOGE) has gained 5%, making it the largest gainer among the top ten cryptocurrencies by market cap.
Trailing behind is TON, which has risen close to 6%, while SHIB, PEPE, and UNI have increased by 2.95%, 3.26%, and 6.77%, respectively. As of the time of writing, the global cryptocurrency market cap has reached $3.36 trillion, but the daily trading volume has decreased by 5.39%, a clear sign of the 'Sunday surge'.
Why did cryptocurrency prices soar?
Multiple factors are behind today's soaring cryptocurrency prices, but the enterprise adoption set to launch on Monday is the driving force. Following the acquisition of 8,400 Bitcoins by Bitcoin Treasury last week, traders expect this buying frenzy to continue into the new week, with Michael Saylor hinting at a potential purchase.
Furthermore, the quiet movements of Bitcoin whales over the weekend have also heightened market optimism. After on-chain data confirmed that whales were not selling Bitcoin, the enthusiasm in the cryptocurrency market turned bullish.
Kathy Woods pointed out that the long-quiet Bitcoin whale movements are likely a legal settlement or asset seizure. Moreover, Drake's Bitcoin fame has intensified the speculation, but experts indicate that the repercussions of the (Great American Act) will extend into this weekend.
