Ether, Dogecoin Lead Crypto Gains as Firms Signal 'Prime' Breakout Chance for Market
Crypto prices extended their rally on Thursday, with Ether and Dogecoin leading the charge, as a combination of supportive risk sentiment and growing political momentum around digital asset legislation helped push markets higher.
Bitcoin hovered near its all-time high at $112,000, while Ether surged past $2,780, up nearly 7% over 24 hours. Dogecoin jumped 6%, with broader majors like Solana and XRP also gaining.
The CoinDesk 20, a liquid index tracking the largest tokens by market capitalization, minus stablecoins, rose over 2%.
Onchain analysis firm Santiment noted that retail trader-based wallets were seemingly absent from the current move, which, historically, sets the stage for sharp upside moves.
“History has shown that this is a prime sign of a potential breakout, as crypto markets typically move the opposite direction of the crowd's expectations,” the firm said in an X post. “When retail shows FUD (whether through fear or impatience), these are usually prime spots for smart money to move in and accumulate. This time has been no different.”
🥳 Bitcoin has officially made a new all-time high, achieving a market value of $112,152 just 30 minutes ago. Unsurprisingly, many retailers had been dropping out due to boredom or disbelief over the past few days.
— Santiment (@santimentfeed) July 9, 2025
🐳 History has shown that this is a prime sign of a potential… pic.twitter.com/r1IQWqZcG3
The moves came as U.S. equity markets digested another round of tariff threats from President Donald Trump, including a 50% levy on copper imports and higher duties on Brazilian goods that sent stocks in the country tumbling.
However, U.S. equity-index futures dipped just 0.1% and global tech stocks continued to rally, with Nvidia briefly touching a $4 trillion market cap. Treasury yields softened as bond markets received a bid, suggesting that investors remain positioned for a supportive policy environment, even amid rising geopolitical noise.
"Crypto prices surged to new all-time highs on the back of a supportive risk and equity backdrop,” said Augustine Fan, Head of Insights at SignalPlus.
“BTC climbed above $112K after the U.S. House Committee announced next week as 'Crypto Week,’ with a July 16 hearing titled Making America the Crypto Capital of the World. Traders are expecting concrete signals after months of posturing,” Fan added.
Fan noted that the market is still operating under a six-month soft target for regulatory recommendations set by President Trump in January. Next week’s hearing could offer clarity, or at least momentum, for a long-awaited federal framework.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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