04.07.2025 00:49

Cryptocurrencies experienced a significant surge on Wednesday, with Bitcoin reaching its highest price in three weeks and altcoins like Ethereum and Dogecoin leading the charge. This rally saw Bitcoin climb above $109,600, exceeding $109,000 for the first time in that period. The increase builds on a positive trend, pushing Bitcoin to within 2% of its all-time high.

Ethereum saw a remarkable nearly 8% increase, trading above $2,590. Simultaneously, Dogecoin experienced an even more dramatic rise, gaining over 8% in 24 hours to reach $0.171. This resurgence reversed recent losses, solidifying Dogecoin's position as the eighth-largest cryptocurrency by market capitalization. The overall market performance reflects a broader upswing in crypto prices.

This positive market sentiment, according to Zach Pandl, head of research at Grayscale, is largely driven by altcoins. Pandl highlighted the role of recently approved crypto exchange-traded products (ETPs) in boosting investor confidence and attracting traditional finance (TradFi) investments into altcoins. He also attributed the surge to growing regulatory clarity in the US, attracting more users and capital into the cryptocurrency ecosystem. Pandl further expressed optimism, predicting new all-time highs for many tokens in the latter half of the year.

The market's upward trajectory coincided with President Trump's announcement of a new trade agreement with Vietnam, potentially contributing to the overall positive investor sentiment. While the exact correlation remains unclear, the timing suggests a possible link between the positive news and the crypto market's strong performance. Further details regarding the market's reaction to the trade deal will likely emerge in future reports.