Why are the prices of Dogecoin, Ethereum, and Bitcoin rising today?
The price of Bitcoin (BTC) is up 0.50 percent today after hitting a local low of $104,480. Following in the footsteps of Bitcoin, the values of Ethereum (ETH) and Dogecoin (DOGE) are currently up 1.48% and 0.86%, respectively. The GENIUS stablecoin act’s passage is responsible for the bullish momentum. By a majority of 66 to 32, the bill passed a crucial procedural vote (cloture). By doing this, the bill gains enough traction to restrict discussion and proceed to a full Senate floor vote. Blockchain data demonstrates that spot speculators are purchasing the dips as the price of bitcoin approaches a retest of its all-time high, which is another explanation for the recent fervor.
Here’s Why the Prices of Dogecoin, Ethereum, and Bitcoin Are Rising Today
As previously mentioned, there are two reasons why the prices of Bitcoin, Ethereum, and Dogecoin are rising today:
In the procedural vote, the GENIUS Act was approved.
Observe investors purchasing Bitcoin dips, including both small and large US institutions.
Today’s U.S. Senate decision marked a major milestone for the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. The GENIUS measure will go to a full Senate floor vote after winning the procedural vote by a vote of 66–32. This is encouraging for the cryptocurrency markets. According to CoinGecko data, the market valuation of the cryptocurrency industry is currently 1.3% and around $3.48 trillion.
The second and most significant reason is that spot investors are placing bids on Bitcoin. CoinGlass data indicates that spot CVD is on an upward trend while perpetual CVD (Cumulative Volume Delta) is declining.
Furthermore, the current orderbook depth of 2% indicates consistent increases in Bitcoin price declines. This suggests that while the market is correcting, investors are purchasing Bitcoin. Perpetual investors are also buying Bitcoin during downturns, but their holdings are typically short-lived and so have less long-term influence. In any case, their contribution has pushed the price of Bitcoin higher, which has raised the price of Ethereum and Dogecoin.
The cryptocurrency market appears hopeful and poised to soar higher as Bitcoin and other cryptocurrencies continue to rise. In particular, the price of bitcoin is just a few centimeters away from reaching its peak.
ETH trades at $2,542 following a 2% intraday decline. Ethereum is still above a crucial support level, regardless of the short-term downturn. After falling over 3% from the intraday high of $0.230, DOGE is currently trading at $0.224.
What Will Happen to Crypto Markets Next?
Bitcoin would draw a lot of buzz and retail investors if it were to re-enter the $109K ATH. It might easily break through this high and establish a new one if there was a significant increase in purchasing pressure. The cryptocurrency market may turn green for a longer period of time as a result of this development than it has in recent weeks.This could also allow altcoins to explode, bringing forth an altseason.
Key levels to the upside, according to Gamma Exposure (GEX) based on the options data, are $110,000, $115,000, $120,000, and $125,000. Calls are concentrated in these places. Puts are concentrated around $100K and $95K, which are important levels to keep an eye on. These regions frequently act as important levels of support and resistance, which may have an impact on changes in the price of bitcoin.
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