Crypto prices are soaring late on Wednesday as the bears failed to hold against a wave of bullish news, strong institutional demand and the rapidly improving macroeconomic outlook.
Ethereum has taken the centre stage, continuing to outperform Bitcoin during broader market rallies. The ETH price hit $2600 today, partially buoyed by the launch of Robinhood’s tokenized stocks on the Ethereum Layer-2 chain, Arbitrum, as well as the company’s new ETH staking initiative.
The Bitcoin price also climbed up to $109,800, securing a major breakout in the process.
Meanwhile, meme coins are stealing the spotlight once again, with Bonk, Dogwifhat, Fartcoin and Pepe among the top performers.
Newer meme tokens like the Useless Coin, Solaxy and TOKEN6900 are also showing significant bullish strength as smart money investors continue to hunt for north of 10x returns during this bull run.
Why Are Crypto Prices Up Today And Will The Rally Continue?
Crypto prices have erased this week’s losses, fueled by a string of bullish developments.
Spot Bitcoin and Ethereum ETFs continue to attract strong inflows, while the first-ever Solana ETF launched on Wednesday and made an immediate impact.
At the same time, TradFi institutions are doubling down on crypto, with a growing number of treasury plays treating digital assets as reserve holdings. In a notable move, legendary Wall Street investor Tom Lee is set to lead BitMine’s Ethereum strategy, though he’ll face stiff competition from Sharplink Gaming.
Institutions, including banks like JPMorgan and Visa and merchants like Amazon and Walmart, are increasing their exposure to stablecoins, which is also bullish for Ethereum.
To top it all off, Robinhood’s new crypto ventures are massively contributing to the bullish sentiment. The company recently announced its plan for tokenized stocks on Ethereum’s layer-2 chain, Arbitrum, as well as its ETH staking feature.
Meanwhile, the broader market outlook is also rapidly improving. The US global M2 money supply reached its new all-time high, while Tuesday’s week ADP job reports have essentially guaranteed a rate cut by September.
Moreover, US President Donald Trump announced that he has struck a trade deal with Vietnam, leading to speculation that more deals could be on the horizon.
Unsurprisingly, crypto prices are showing considerable bullish strength. However, whether or not this latest rally turns into a bigger upside move depends on a few key resistance levels.
For instance, experts believe that a breach of the $110k resistance would pave the way for $120,000 in July. BTC has also secured a breakout from a descending wedge, and a weekly close above it could kickstart a strong bullish continuation.
Meanwhile, flipping the $2600 and $2820 resistance levels could catapult the Ethereum price to $3500 in Q3. This would also send altcoin crypto prices soaring.
Best Cryptos To Buy Now
There is ample evidence to suggest that Bitcoin Dominance (BTC.D) has topped out, which means that the much-awaited altseason is next.
Unsurprisingly, smart money investors are loading up on large-cap altcoins. In particular, Layer-1 coins like Ethereum, Solana, XRP, Cardano, Sui, Sei and Hyperliquid are in high demand. A diversified portfolio consisting of these coins could be the winning formula for this bull run.
However, meme coins continue to steal the spotlight with their explosive returns.
Solana meme coins like Fartcoin, SPX6900, Bonk and Dogwifhat are among the top performers, while Ethereum meme coins Pepe and Floki have also recorded double-digit gains.
Market leader Dogecoin is also back above the $0.16 support level, now poised for a run-up to the $0.22 mark.
New meme coins are also in high demand. For instance, the Useless Coin (USELESS) hit another all-time high on Wednesday, now up by nearly 5500% from its June lows.
Similarly, the new Solana meme coin, Solaxy (SOLX), is up by nearly 150% over the past three days, buoyed by multiple CEX listings and the upcoming debut of its meme coin launchpad.
A newer alternative to SPX6900, TOKEN6900 (TOKEN), has also caught the attention of smart money investors.
Powered only by the anti-Wall Street spirit and meme-fueled delusion, TOKEN6900 doesn’t pretend to have any real utility. This has turned out to be a winning formula over the past few weeks, as indicated by the success of Fartcoin and USELESS.
Indeed, the T6900 presale has already raised over $110k in the first day of its ICO, with many already eyeing upwards of 10x returns from it.
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