- A crypto rally is happening today, with most altcoins being in the green.
- Donald Trump hailed strong progress on Iran war talks.
- Investors have embraced a risk-on sentiment in the industry.
A crypto rally is happening, with the market capitalization of all tokens rising by around 1.4% to over $2.69 trillion. Some of the top gainers were altcoins like MemeCore and BUILDon, which jumped by more than 20% over the last 24 hours.
The other top tokens were Zcash (ZEC), Toncoin (TON), Terra Luna Classic (LUNC), and Internet Computer (ICP), which spiked by over 15% in this period.
Crypto Rally Coincided With Stock Market Surge
This rally coincided with the broader market rally, with top indices like the Nasdaq 100 and S&P 500 hitting record highs. Top stocks like Google, Intel, and AMD have all soared this month.
The surge is also driven by the ongoing hope that the US and Iran will reach a deal. In a statement overnight, President Donald Trump suspended his Project Freedom, which he launched on Monday to escort ships crossing the Strait of Hormuz.
He cited the fact that the two countries were having very good talks. As a result, the price of crude oil continued falling, with Brent dropping to $105 on Wednesday morning. Still, Trump’s statements on this war should be taken with a grain of salt as he has been accused of market manipulation.
READ MORE: Here’s Why the SoFi Stock Price Has Crashed: Will it Rebound?
CLARITY Act Progress
The crypto market rally is also being driven by the Senate Banking Committee’s compromise on the CLARITY Act after months of deliberations.
The new deal will ensure that crypto companies like Coinbase and Robinhood can pay yields on stablecoins on their platforms. As a result, the probability that the bill will become law this year has jumped to over 70% on Polymarket.
Meanwhile, some of these coins have surged on strong fundamentals. Zcash’s price has increased significantly due to growing demand for privacy coins. Other similar coins, such as Dash and Midnight, were also among the top gainers.
The price of Toncoin has gone parabolic after Telegram took control of the network from the TON Foundation. The goal is to boost its network growth, which has stalled in the past few months.
Terra Luna Classic has also soared amid the rising token burns and the Fear of Missing Out (FOMO) among investors. Other AI tokens like ICP and Venice are jumping on the rising demand and higher burn rates.
Additionally, Bitcoin and Ethereum have continued gaining assets this month as the Crypto Fear and Greed Index jumps. This is a sign that investors have embraced a risk-on sentiment.
