What’s Driving the Crypto Market Today?

24 hour Crypto Market Update

The global crypto market capital today is $3.87 Trillion, with a -1.63% change in the last 24 hours.Bitcoin dominance is at +60.98% and Ethereum dominance is at +10.51%. Trending tokens today are USDtb (+10.22%) and StakeWise Staked ETH (+7.89%).

Major Events To Watch

Crypto Market Fear and Greed Index:

Over the last 24 hours, the Crypto market underwent consolidation, resulting in a steady reading on the "Fear and Greed Index." Presently holding at 74 on a scale ranging from 0 to 100, the current crypto market sentiment reflects a sense of optimism. The crypto market sentiment remains consistently in Greed over the past month, with a brief spike into Extreme Greed one week ago.

Latest Crypto Market Update:

• Bitcoin surged 1.12% to $118,926 in 24 hours, fueled by a comeback from panic selling, institutional accumulation, and strong technical momentum.

• Ethereum's 8.35% 24-hour spike to $3,387.71 is a result of altcoin rotation, institutional accumulation, and positive technical momentum. Major companies like BitMine and SharpLink Gaming increased their ETH reserves, demonstrating their confidence.

• The top three trending cryptocurrencies right now are Bonk, Pump.fun, and Ethereum. In the last 24 hours, the price of Bonk has moved by 30.4%, Pump.fun by -12.4%, and Ethereum by 8.0%.

• Other prominent cryptocurrencies, such as Ripple ($XRP), Solana ($SOL), Dogecoin ($DOGE), , and Binance ($BNB), displayed marginal gains and losses.

• Bonk (BONK) jumped 29% in 24 hours as a result of token burning, institutional momentum, and the strength of the Solana ecosystem.

• XRP has increased by 4.84% over the past day, and its current live price is $3.07 USD.

• Over the past 24 hours, the cryptocurrency market has increased by 2.4%, continuing its 14.9% monthly rise. Altcoin speculation, Ethereum ETF momentum, and regulatory confidence are important factors.

Major Worldwide Crypto Market News Update:

• Coinbase has introduced the Base App, which is an all-in-one platform for social features, trading, payments, and mini-apps as part of its Base ecosystem. It has replaced Coinbase Wallet. The app, which offers users a smart wallet and almost instantaneous USDC payments using Base Pay, went into beta on July 16.

• On July 17, World Liberty Financial received 99.94% of the vote in favor of making the WLFI token tradeable. Through the facilitation of peer-to-peer and secondary trade, the plan seeks to improve community access to governance and shift the WLFI ecosystem from closed to open participation.

• The GENIUS stablecoin bill and the DAMC Act (Clarity) were allowed to move on to a final vote on July 16 after the U.S. House of Representatives passed a procedural motion by a vote of 215–211. After passing the Senate, the GENIUS measure may be delivered to President Donald Trump later this week.

• Trump recently showed House Republicans a draft letter to fire Fed Chair Powell, saying he was “likely” to proceed and asking for their views. He has repeatedly urged Powell to resign over rate policy. By law, the president cannot remove Fed officials without cause, which typically refers to misconduct, not policy disagreements.

• The biggest derivatives exchange in the world, CME Group, stated that it has no intention of introducing products tied to meme coins because they are not useful in the real world.

• Nvidia, a leading global stock, now holds a record 4.73% share in the MSCI All Country World Index (ACWI), covering 85% of global equity markets. This makes it larger than Japan's 4.65% share, the world's 3rd-largest stockmarket.

• Michael Saylor’s Strategy hits a new all-time high marketcapital of over $127 billion.

• The price of $ETH recently surpassed $3,300. Before being liquidated, Whale 0x2258 closed all of its $ETH short positions, losing $8.44 million in a single day.

• $PENGU is being accumulated by Koreans. In the last week, three wallets from the Korean exchanges Upbit and Bithumb have amassed 945M $PENGU ($32M).

• Currently, 2.92B $PENGU (worth $96.73M, or 3.8% of the total supply) are held in these 3 wallets.

Bitcoin and Ethereum showed positive momentum, while altcoin speculation and ETF-related news continue to fuel digitalmarket dynamics. With the crypto market Fear and Greed Index of steady at 74, the crypto market reflects ongoing confidence despite short-term volatility. Legislative moves, including the GENIUS Act, may shape the next phase of  growth.

Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFTmarkets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.