Why is Crypto Market Going Up Today? XRP Leads with 7% gains, BTC and ETH Lag

coinpedia
coinpedia
BTC-4.94%
SOL-6.32%
SUI-5.96%
DOGE-4.32%
ADA-5.19%
ETH-5.54%
XRP-4.84%
XLM-4.06%

The cryptocurrency market has seen a strong rebound over the past 24 hours, with several major coins recording solid price increases. The global market cap rose by nearly 2% to reach $3.73 trillion, signaling renewed investor interest after days of uncertainty.

Bitcoin (BTC) climbed 1.16% to trade at $114,797, while Ethereum (ETH) jumped 3.69%, now sitting above $3,570. Altcoins also joined the rally. XRP saw a strong 6.65% surge, bouncing back to $3.01, making it one of the day’s top gainers.

Cardano (ADA) rose 3.76%, Dogecoin (DOGE) gained 3.37%, and Solana (SOL) added 2.29%, continuing its upward trend with over 14% gains in the last week. SUI and Stellar (XLM) surged 2.52% and 10.36% respectively.

The sudden shift in market sentiment comes as Trump Media & Technology Group announced a major Bitcoin purchase, adding $2 billion worth of BTC to its treasury. This move brought its total holdings to $3.1 billion.

With the Fear & Greed Index now sitting at a neutral 52, the market seems to be balancing between caution and confidence.

Bitcoin Sees Temporary Rebound

Bitcoin has climbed back above $114,000, showing a mild recovery after its recent dip. However, according to current chart trends and market signals, this may not be the full reversal just yet. Analysts have said that Bitcoin could still retest support levels around $110,000 to $109,000 in the short term. The good news is that Bitcoin is not far from the oversold zone, suggesting that the correction might be nearing its end.

Despite short-term uncertainty, Bitcoin remains well above its 200-day moving average, a key technical indicator that signals the overall trend is still bullish. This move is seen as a healthy retest rather than a sign of weakness. Patterns like an inverse head and shoulders on the chart also hint at a possible upside breakout in August.

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