Cryptocurrencies Ethereum, Solana, XRP Surge Alongside Bitcoin Following Donald Trump Event and ETF Speculation
The cryptocurrency market experienced a notable increase in market capitalization, rising by almost 4% to reach $2.522 trillion as traders absorbed news related to an incident at a rally held by Donald Trump. This surge in market value was observed over the last 24 hours and was prominently displayed on CoinGecko. Most of the cryptocurrencies listed among the top 10 assets by market capitalization witnessed a surge during this period.
Bitcoin maintained its position above $65,000 while Ethereum, Solana, and XRP also recorded gains on Wednesday. The positive momentum in Bitcoin likely influenced the upward movement of Ethereum, Solana, and XRP, with Bitcoin trading at $65,260 at the time of reporting.
Anticipation surrounding the approval of a Spot Ethereum ETF this week has further fueled the excitement among Ether token holders and crypto traders. Analysts and experts in the ETF space are optimistic about the potential approval, with Eric Balchunas, a Senior ETF analyst at Bloomberg, suggesting that the US Securities & Exchange Commission (SEC) may greenlight the ETF by Thursday, July 18.
The news of a shooting incident at a rally held by former US President and candidate Donald Trump has also reverberated in the crypto market. Traders seem to be factoring in the implications of this event, with some attributing the subsequent rally in crypto prices to the anticipation of Trump’s potential victory in the November 2024 Presidential elections and his favorable stance towards cryptocurrencies.
Despite sustaining injuries during the rally incident, Trump is scheduled to deliver a speech at a Bitcoin Conference later this month on July 27 in Tennessee. This event is expected to take place in person, underscoring the significance of Trump’s engagement with the crypto community.
In the past 24 hours, Ethereum, Solana, and XRP have seen gains of 3.2%, 4.1%, and 12% respectively, according to CoinGecko data. These assets have also posted positive returns over the last seven days, indicating a broader positive trend in the market.
At the time of writing, Ethereum was trading at $3,488, reaching a new two-week high of $3,517 earlier in the day, while XRP touched a three-month high at $0.6188. The overall sentiment in the crypto market remains optimistic, driven by a combination of positive price movements and key developments such as the potential approval of the Spot Ethereum ETF.
