Crypto market surges past $4 trillion following US Congress passes GENIUS Act regulating stablecoins
|Key highlights
- On Friday, Bitcoin remained volatile while altcoins surged following a significant regulatory victory for the crypto industry in the U.S., coupled with reports that 401(k) plans may soon start allowing crypto investments.
- Cryptocurrency analysts expect the bills could provide some much-needed clarity to the digital asset industry.
- The U.S. Securities and Exchange Commission (SEC) is reportedly exploring the implementation of new regulatory exemption provisions to promote asset tokenization.
- XRP's market capitalization has exceeded $200 billion, with analysts now anticipating it could surpass $250 billion by the end of the year.
- TradingView reported today that Bitcoin dominance declined by 4.8 percentage points over a week to 61.67%. Meanwhile, the total crypto market cap grew by 4.43%, with the market cap excluding Bitcoin (TOTAL2) rising by 13.19%. Additionally, the market cap excluding both Bitcoin and Ethereum (TOTAL3) increased by 10%, indicating robust growth in other cryptocurrencies.
Technical analysis perspective
Bitcoin /US Dollar
- BTC penetrated May 22 high at 112,000 on July 10, 2025.
- Bitcoin recorded a new all-time high on July 14 at 123,231.07.
- Technically, a retest of the recent high at 112 k is possible before BTC continues the rally in the coming weeks to months.
- A break below 116K would provide an early signal that a dip to 112 K is on the way.
- In the meanwhile, a contracting range between 122k to 116 k is the name of the game. A breakout either side would lead the direction.
Ethereum /US Dollar
- ETH broke above a rectangle like consolidation pattern penetrated on July 10, 2025, at 2850.
- Prices moved higher in a parabolic fashion, posting 3677.40 high.
- ETH is challenging 3700 and 3750 obstacles on daily chart.
- As long as 3700/3750 contains rallies, a dip to 3280 – 3220 support is at hand.
- A sustained breakout above 3750 would pave the way for an additional rally to 4100 all-time high.
XRP/US Dollar
- XRP pushed above a falling trendline 1 obstacle on July 09.
- Prices are challenging a rising trendline 2 obstructing around 3.65 to 3.55 area.
- Below this resistance zone a gradual dip from 3.30 to 3.25 is likely.
Solana/US Dollar
- SOL is hovering close to 187 – 184 resistance regions.
- A dip to 174 with additional room to 162 is on the way below 187 – 184 obstacles.
- A sustained break above 187 would target 200 and 208 regions.
Word of wisdom
“Two things seem pretty clear to me: first, no one can consistently buy at the low or sell at the high (except liars, as Bernard Baruch said), and second, lowest average cost wins by Bill Miller.”
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