This record-breaking rise follows a wave of strong institutional demand, positive signals from pending U.S. legislation—the “Genius Act,” Clarity Act, and Anti-CBDC Surveillance State Act—and vocal support from former President Donald Trump, who positioned himself as pro-crypto just ahead of “crypto week” in Washington.

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At the same time, Ethereum achieved a five-month high, climbing roughly $50 to around $3,049–3,050, continuing its recent surge.

As per analysts, there will be a wider macroeconomic backdrop that will weaken the dollar. Key drivers behind the rally are the supportive regulatory sentiment and the growing confidence of institutional investors.

Due to the event, there has been notable activity across altcoins and related vehicles: modest single-digit gains were seen by XRP and Solana, while new highs were also hit by crypto-based ETFs in Hong Kong, reflecting a global wave of investor enthusiasm.

Market snapshot: The total crypto market value has expanded to approximately $3.78 trillion, and institutional inflows into Bitcoin ETFs have crossed $50 billion so far this July.

Despite the strong momentum, experts caution that price volatility remains high, and global macro or policy surprises could still influence the tide.

Investors and regulators alike are eyeing the upcoming House and Senate debates on the Genius Act and related frameworks, which could set the tone for long-term adoption and stability. Meanwhile, crypto markets continue to respond to institutional portfolio shifts and ETF developments worldwide.

This major crypto milestone is more than just a price peak—it is signaling toward growing mainstream acceptance of digital currency and shifting regulatory frameworks, moreover establishing the potential for a new asset class alongside equities and gold.