A glance at the charts reveals an upbeat price performance by cryptocurrencies during the weekend. Crypto prices for leading assets are in the green, driven by the signing of the GENIUS Act into law and the prospects of incoming rate cuts.
Crypto Prices Rise Amid Dip In Transaction Volume
According to CoinMarketCap data, the charts are painting a rosy picture for cryptocurrency prices with the weekend underway. At press time, the broader cryptocurrency market capitalization sits at $3.86 trillion, gaining nearly 2% over the last day.
Bitcoin, the largest cryptocurrency, is trading at nearly $118,000 after climbing by 1% in the last 24 hours. The top crypto is finding its footing following the release of June’s US CPI data that sent prices spiralling downward. At the moment, Bitcoin is 4.32% from its all-time high, with investors keeping their eyes peeled for a new peak for the premier cryptocurrency.
Furthermore, the glowing crypto prices saw Ethereum rake in 2% over the last day to cap off a blistering week. ETH’s seven-day chart reveals a 22% spike that saw the largest altcoin trade above $3,500.
XRP posted respectable daily gains after setting an all-time high during the week. Several technical and on-chain indicators are predicting a steeper rally for XRP, with bulls eyeing an XRP price surge to $17. While Solana has gained double-digits in the last seven days, the SOL price has only added 0.8% as enthusiasm cools for the asset.
Currently, Chainlink is up nearly 4% while Avanlanche and Litecoin have gained 5% and 7.65% respectively in the last day. The daily cryptocurrency trading volume is down by 46% at $135 billion, defying typical crypto market price performance
Regulatory Hype And Institutional Demand Are Driving Prices
As trader wrap their heads around the weekend price surge, the primary driver is linked to fresh regulatory hype from the US.
Right off the bat, the GENIUS Act signing into law sent crypto prices on a rally, with assets still riding on the gains from the surge. The House passage of the CLARITY Act and the Anti-CBDC Surveillance State Act added to the crypto price surge into the weekend.
Another reason behind the glowing price performance is the prospect of incoming Fed rate cuts amid the release of new economic data. Federal Reserve President Mary Daly has made a case for two interest rate cuts as Fed Chair Jerome Powell faces heightened political pressure.
Institutional interest is also playing a role in surging crypto prices, with Bitcoin and Ethereum treasury companies gobbling up assets. Other altcoin treasury companies are also increasing their activity, while positive ETF reports from XRP and Ethereum are adding steam to the surge in prices.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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