Cryptocurrency Market Surge Today

The crypto market is looking healthy as we are seeing major increases from many of the top coins. Bitcoin (BTC) is leading the way as it nears $70K on gains of 2.64% over the last day.

Ethereum (ETH) gained even more, increasing by 3.14% to $3,378 (ETH/USD). This particular coin has outperformed much of the market recently thanks to the release of spot ether ETFs. While Ethereum dipped on Wednesday pretty hard, it made up most of those losses when it surge dover the weekend.

VeChain (VET) climbed 2.52%, hitting $0.2854 (VET/USD). The launch of VeBetterDo has helped this coin tremendously. The new app marketplace gives users a way to tokenize their actions and make a more sustainable marketplace that has already picked up a lot of investor interest.

XRP (XRP), the proprietary Ripple coin, has gained 1.14% as the market starts to look up. The ongoing lawsuit between Ripple and the United States SEC has hindered the growth of this coin over the last couple years. XRP has really struggled to gain momentum thanks to the ongoing case, but that may no longer be the case once the lawsuit has been settled. A settlement could happen in the near future, with rumors pointing to an August date for settlement.

Dogecoin (DOGE) grew by 1.86% over the last 24 hours, which is an improvement from where it has been over the last week.

Why the Price Increase?

Why has much of the crypto market been climbing today? The obvious factor is the recent Bitcoin Conference 20204, which featured presidential hopeful Donald Trump as a speaker. He stated at the conference on Saturday that he would establish a reserve of bitcoin if he was elected President.

There is also strong anticipation for an interest rate cut, which could be announced by the Federal Reserve soon. The Fed will be speaking later this week, and we could have details on that upcoming rate cut then.

A few economic reports are coming in this week that could help the crypto market as well, including the unemployment rate report and mortgage approvals, as well as net lending to individuals. Net lending is expected to drop from $2.8 billion to $2.2 billion, while the other reports are expected to show no change at all.