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Crypto markets rally as US clears GENIUS Act; BTC holds $120k, ETH eyes $4k
At last check, Bitcoin was trading at around $120,215, up 1.51 per cent, with a 24-hour trading volume of $498.7 billion. The flagship cryptocurrency has fluctuated between $117,508.22 and $120,999.61 over the past 24 hours on CoinMarketCap. Bitcoin is nearly 2.55 per cent away from its all-time high of $123,091, reached on July 14 this year. Its market cap stood at $2.39 trillion, the highest among all cryptocurrencies.
Crypto markets, Vikram Subburaj, CEO of Giottus, said, have been re-energised after the US passed the GENIUS Act, adding strength to the broader crypto adoption narrative. US-based XRP and HBAR have rallied 18–22 per cent today in anticipation of more favourable laws in the country. Edul Patel, co-founder and CEO of Mudrex, also attributed the crypto market rally to the passing of these bills in the US House. "The crypto market is gaining strong upward momentum as the US House passed key crypto bills, boosting investor confidence and regulatory clarity," Patel said.
"Crypto's rally appears to have further legs, but with the total market cap approaching a milestone at $4 trillion, some profit-taking could affect it in the short term," said Subburaj. He added, "As this plays out, traders are advised to stick to altcoins which have shown strength against BTC in the past 10 days."
Ethereum (ETH) eyes $4000
Ethereum (ETH), on the other hand, continued its northward rally for yet another session and was holding above $3,500 levels. At last check, it was trading with gains of 7.48 per cent at $3,595, with a 24-hour trading volume of $53.33 billion. Ethereum, Patel said, "is eyeing the $4,000 level, with solid support at $3,300."
Altcoins rally
According to CoinSwitch Markets Desk, crypto markets remain in a powerful altcoin-led rally, with Bitcoin holding steady around $120,000 as BTC dominance slips to 61.6 per cent, down from 64 per cent just weeks ago—highlighting that nearly 38 per cent of top-50 tokens have outperformed BTC over the past 90 days, signaling an emerging altseason.
The total altcoin market cap has swelled past $1.3 trillion, driven by Layer-1 gains (SUI up 36 per cent, SEI up 41 per cent) and memecoin momentum, while risk-on sentiment spreads with trad-fi investors taking risk at a 25-year high. Among other popular cryptocurrencies, Ripple (XRP) was rallying higher by 17 per cent, and Cardano (ADA) was up 14.45 per cent. "The risks remain, as looming tariff deadlines next month could derail global liquidity and spark volatility, while procedural stalls in the Senate could delay regulatory execution," they said.
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