After a poor showing on July 5, the crypto market today is rebounding, but there are fears of a short-lived rally. Large-cap cryptocurrencies like BTC, ETH, SOL, and ADA have racked up respectable gains, while memecoins are pulling in impressive numbers.
Sunday Pump Defines Crypto Market Today
CoinMarketCap data has indicated a surge in cryptocurrency prices, with Bitcoin, Ethereum, Solana, XRP, and Cardano notching considerable gains. The sudden rally over the weekend has traders raising eyebrows with pundits tagging it a classic “Sunday Pump” characterized by low trading volumes.
According to the crypto price aggregator, Bitcoin is riding the wave of the “Sunday Pump” to inch closer to $108,836. The top cryptocurrency is now less than a 3% rally from setting a new all-time high, with investors eyeing an imminent Strategy Bitcoin Purchase.
Ethereum, the largest altcoin, is safely above the $2,500 psychological level, gaining nearly 2% over the last day. XRP bulls are rubbing their hands in glee over the asset’s rally that sees it trading at the $2.27 mark. Furthermore, SOL has gained nearly 3% in the last 24 hours to settle at $151.47, with DOGE recording the biggest gains among the top 10 cryptocurrencies by market capitalization with a 5% rally.
Further down the ranking is TON with a near 6% rally while SHIB, PEPE, and UNI have gained 2.95%, 3.26, and 6.77% respectively. At press time, the global crypto market capitalization stands at $3.36 trillion, but daily trading volume is down 5.39%, a tell-tale sign of the Sunday Pump.
Why Are Crypto Prices Surging?
Several factors are behind the surging prices crypto market today, but the incoming corporate adoption on Monday is leading the push. After Bitcoin treasuries acquired 8,400 BTC last week, traders are expecting the buying spree to continue into the new week, with Michael Saylor signaling a potential incoming purchase.
Furthermore, recent dormant Bitcoin whale moves over the weekend are contributing to the rising market optimism. After on-chain data confirmed that the whales are not positioning to dump the asset, enthusiasm turned bullish in the crypto market.
Cathie Woods noted the dormant Bitcoin whale movement is most likely a legal settlement or an asset seizure. Furthermore, Drake’s Bitcoin name-drop is adding to the hype but experts say the ripple effects of the Big Beautiful Bill is spilling into the weekend.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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