Ethereum achieved a significant milestone on Friday morning after breaking into the $3,600 zone for the first time since January. According to Definediq data on July 18, the world’s second-largest cryptocurrency traded at $3,642 to continue its meteoric rise, riding on an over 8% gain. As a result, ETH has hit $430 billion in market capitalization.
So far, ETH has claimed 23% in seven days and about 47% in 30 days, signifying a sharp recovery following months of prolonged slump. The surge in price is attributed to factors such as increased institutional flows and the recent passing of the three most crucial bills in United States history – the GENIUS Act, CLARITY Act, and the Anti-CBDC Surveillance Act in the House Assembly.
Ethereum Continues Market Momentum
According to CoinGecko, the total cryptocurrency market capitalization has surpassed $4 trillion, with BTC accounting for 59.9% and ETH 10.8%. However, it’s ETH that has been the driving force after rising over 8% in the past 24 hours.
The positive market sentiments also reflected on the Layer2 space. The ecosystem showed rising activity, an occurrence observed post-upgrades. Investors believe that more protocol upgrades and high on-chain activity will sustain momentum, potentially driving the ETH price.
Meanwhile, Ethereum has overtaken Johnson & Johnson in capitalization. After hitting $3,600 and reaching a total capitalization of over $400 billion, ETH takes the 26th spot in the global list of assets. The digital asset has Mastercard and Netflix in its sights, as it continues its upward momentum.
Growing Confidence Among Investors, Passage of Crypto Bills Responsible for Surge
Institutional investors are becoming more confident in the crypto market, particularly Ethereum. Firms have been accumulating ETH, with the top 10 Ethereum treasuries holding over 1.6 million ETH. The rising institutional demand has been one of the key drivers for the notable surge in ETH prices.
Daily inflows into spot ETFs reached a record of $726 million, and interest in the Google query “Ethereum” is the highest since December 2024. CoinGlass data reveals that the total open interest of Ethereum contracts across all exchanges reached a record high of USD 50.329 billion. These statistics solidify ETH’s position as a leading cryptocurrency, as the market’s momentum continues.
Also, the passage of the three crypto bills in the House Assembly is a significant driver. Following the fallout of some Republican members on Wednesday, it seemed it was going to be a ‘long’ Crypto Week. However, the truce brokered by President Donald Trump and House Speaker Mike Johnson put things back on track. The bills head to Trump’s desk for signing.
XRP Surges to a Fresh All-Time High
While ETH’s surge and Bitcoin’s rally have dominated the crypto market, Ripple’s XRP is posting a strong rally. XRP has surged past $3.60, with a market cap of over $210B, making it the third-largest crypto. Notably, XRP/KRW trading volume on Korea’s top exchange Upbit hit $2.2B in 24h, accounting for about 33% of the platform’s total.
Experts believe that ETH’s pump, coupled with the advancement in the regulatory bills and institutional buyers, is are significant driver for XRP’s price. Analysts forecast that XRP could hit $10 and $250 billion in market cap by 2030 if the altcoin becomes adopted for payment.
What’s Next for Ethereum and the Altcoin Market
Analysts and crypto enthusiasts believe the Altcoin season is here. XRP has surged 71% in 30 days, and even risen 35% versus Bitcoin in July. The gain has prompted the narrative that we are in the altcoin season, where traders might move capital out of BTC into altcoins.
Sentiment remains optimistic. The notable increase in institutional participation and regulatory clarity, enhanced by the passage of the three crypto bills, further strengthens the market. Currently, ETH would need to overcome a major resistance level between $3,500 and $3,600 to potentially reach $4,000.
