Bitcoin Near $70,000, Ethereum, XRP, Dogecoin Pop as Crypto Hits 'Greed' Mode: Analyst Says It's Just the 'First Start' as Markets Wake Up 'Massively'

Leading cryptocurrencies jumped to their multi-month highs on Wednesday as investors parsed CLARITY Act optimism and other macro developments.Cryptocurrency24-Hour Gains +/-Price (Recorded at 9:23 p.m. EDT)Bitcoin (CRYPTO: BTC)+7.58%$69,349.38Ethereum (CRYPTO: ETH) +17.87%$2,256.67XRP (CRYPTO: XRP) +11.43%$1.13Solana (CRYPTO: SOL) +10.36%$84.84Dogecoin (CRYPTO: DOGE) +6.94%$0.07484Crypto Market ExplodesBitcoin surged nearly 8% to touch $70,000, reaching its highest level since early June. Trading volume erupted 161% over the last 24 hours, indicating high buying pressure.Ethereum soared to levels not seen since May 12, while trading volume exploded by 346%. XRP and Dogecoin also recorded sharp spikes.Cryptocurrency-related stocks also soared, with Strategy Inc. ) and Bitmine Immersion Technologies Inc. ) closing up 12.68% and 10.72%, respectively.Growing optimism around a lifted the market and cryptocurrency-adjacent equitiesNearly $3 billion was liquidated from the cryptocurrency market in the last 24 hours, with $2.74 billion in bearish short positions alone wiped out, according to Coinglass data. It was the largest single-day short liquidation event in Bitcoin’s history.Bitcoin’s open interest jumped 5.41% over the last 24 hours. That said, sentiment among BTC’s retail and whale derivatives traders flipped from “Bullish” to “Neutral.”"Greed" sentiment took over the market, according to the Crypto Fear & Greed Index.Top Gainers (24 Hours)Cryptocurrency (Market Cap>$100 M)Gains +/-Price (Recorded at 9:23 p.m. EDT)OFFICIAL TRUMP (TRUMP) +26.45% $1.77Cash Cat (CASHCAT) +26.16% $0.1172Meteora (MET) +24.69% $0.2129The global cryptocurrency market capitalization surged 7.54% over the last 24 hours to $2.37 trillion. Read Also: Strategy Stock Climbs as Bitcoin Rises and Yields Drop Stocks Snap Losing RunStocks rebounded sharply on Wednesday. The Dow Jones Industrial Average rallied 119.65 points, or 0.22%, to close at 53,463.05. The S&P 500 climbed 0.21% to end at 7,707.98, while the tech-focused Nasdaq Composite lifted 0.16% to settle at 26,331.09.The Treasury said it will increase liquidity support buyback operations for longer-dated bonds from a maximum of $2 billion per operation to at least $4 billion per operation.‘It’s Just a First Start’Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, said that the cryptocurrency market is waking up massively, with Bitcoin leading gains, Ethereum showing strength and Solana following closely.“More Altcoins will start to follow through as confidence comes in and liquidity rotates from Bitcoin towards assets that deserve attention,” Van De Poppe projected.The markets are waking up massively and it's just a first start. has moved first. started to show a lot of strength, and is passing up with that.More will start to follow through as confidence comes in and liquidity rotates from Bitcoin towards…On-chain analytics firm CryptoQuant noted that Bitcoin’s spot and futures demand have both returned to positive territory for the first time in monthsCryptoQuant said that through April and May, only futures demand rose while spot demand “stayed underwater.”“This time spot is participating. That is the difference,” the firm added. “Leverage can move price. It cannot hold it.”Spot and Futures Demand"Spot and perpetual futures demand growth have both crossed back above zero on the 30-day sum. It is the first time in months that the two are positive at the same time." – By Complete breakdown ⤵️ Read Also: Bitcoin Volatility Craters to 27% as VanEck Flags 8 Of 12 Capitulation Signals Firing Photo: Sebastian Duda on Shutterstock.com