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Crypto market rally: Here’s why Bitcoin, altcoins are going up

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June 30, 2025
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Crypto market rally: Here’s why Bitcoin, altcoins are going up
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The crypto market rally restarted on Monday, with Bitcoin price rising to the important resistance level at $108,000, and the market capitalization of all tokens jumped to over $3.3 trillion. 

Most altcoins were in the green on Monday too, with the most notable gainers being Launch Coin on Believe, Useless Coin, Arbitrum, Pudgy Penguins, and Pyth Network, which jumped by over 10%. So, why are Bitcoin and altcoins rising?

Crypto market rally | Source: CoinMarket Cap

Crypto market rally continues amid the US dollar index crash

The crypto market rally has surged in the past few days as the US dollar index (DXY) plunged. For example, the DXY Index plunged to a low of $97.13, its lowest point since 2022 and 11.85% below the highest point this year. 

The US dollar index has more downside to go, as we wrote here. Morgan Stanley analysts believe that it may crash to $90 in the coming months. It has also formed a death cross as the 50-day and 200-day Exponential Moving Averages (EMA) crossed each other. 

A death cross is one of the most bearish patterns in technical analysis. The index has also moved below the important support level at $97.91, its lowest swing on April 21, and invalidating the bullish double-bottom pattern. 

Crypto prices often perform well when the US dollar is falling, as most of them are priced in the currency. Also, the falling greenback is a sign that investors anticipate that the Federal Reserve will start cutting interest rates soon.

Big Beautiful Bill progress in Congress

The other top reason why Bitcoin and other altcoins are going up is that the Senate made progress on Donald Trump’s Big Beautiful Bill. It passed the initial stage, and there are signs that it will pass in Congress. 

Polymarket data shows that odds of the reconciliation bill passing by July 4th jumped to 70%. Another poll with $140,000 in assets has a 75% chance. 

This bill will include features that directly benefit the cryptocurrency market. For example, it will include major tax cuts, such as those on overtime pay, tips, and social security. Some of the savings will move to the crypto industry. 

The bill will also benefit Bitcoin because it will reduce the case for buying the US dollar by expanding the public debt. Estimates are that the bill will lead to substantial deficit growth over time. 

Bitcoin is widely seen as a hedge against rising geopolitical risks because of its supply cap of 21 million coins. 

Rising crypto ETF demand

The crypto market is also rising as investors focus on the rising ETF demand. Spot Bitcoin ETFs have added nearly $50 billion in inflows since their inception in January last year. 

Similarly, Ethereum ETFs have had a substantial increase in inflows in the past few months. They added over $283 million in assets last week, a big increase from $40.2 million in the prior week. The total inflows in June exceeded $1.1 billion.

The rising Bitcoin and Ethereum ETF demand is happening at a time when their supply in exchanges are falling. Recent data shows that the supply of Bitcoin in exchanges has plunged to the lowest level since 2017. 

Bitcoin price breakout hopes

BTC price chart | Source: TradingView

The crypto market is also rising as bulls wait for the upcoming Bitcoin price breakout. BTC has formed a cup-and-handle pattern and a bullish flag, indicating a potential rebound to a new all-time high. Such a strong Bitcoin price rebound will likely lead to more gains over time.

The post Crypto market rally: Here’s why Bitcoin, altcoins are going up appeared first on Invezz


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