Crypto Market Surges as Bitcoin Hits $70,000, Ethereum Soars, and Altcoins Follow

Bitcoin's price surged nearly 8% to $69,349.38 on Wednesday, its highest level since early June. The cryptocurrency market capitalization jumped 7.54% over the last 24 hours to $2.37 trillion.

Ethereum soared to multi-month highs, reaching levels not seen since May 12. Its trading volume exploded by 346%, indicating high buying pressure. XRP and Dogecoin also recorded sharp spikes, with their prices rising by 11.43% and 6.94%, respectively.

Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, said the market is waking up massively, with Bitcoin leading gains, Ethereum showing strength, and Solana following closely. He predicted that more altcoins will start to follow through as confidence comes in and liquidity rotates from Bitcoin towards assets that deserve attention.

The CLARITY Act optimism and other macro developments lifted the market and cryptocurrency-adjacent equities. Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closed up 12.68% and 10.72%, respectively.