The cryptocurrency market is experiencing a significant upswing,with most assets trading in the green today. This positive momentum is largely attributed to the recent approval of the American Genius Act. Among the major altcoins, Cardano (ADA), Dogecoin (DOGE), and ripple (XRP) are capturing investor attention with ample price increases, signaling a renewed sense of optimism across the sector.
Altcoins Led the Charge with Strong Price Movements
In the past 24 hours, Cardano (ADA) has surged by over 10%, breaking through its 200-day moving average and currently trading around $0.85. Ripple (XRP) has recorded the most notable gains of the day, reaching a peak of $3.68 on select exchanges, marking a new all-time high. This performance positions XRP as the best-performing large-cap cryptocurrency this week. Dogecoin (DOGE) has also seen considerable growth, with a 13% increase in the last 24 hours. For a deeper dive into DOGE’s performance, read our latest analysis.
The total market capitalization of the crypto sector has surpassed $4 trillion for the first time ever. Altcoins, in particular, are attracting increased speculative investment, suggesting that investors are anticipating further price appreciation as regulatory clarity emerges in the United States. While Bitcoin (BTC) appears to be observing the developments, altcoins are currently driving the market activity.
Genius Act bolsters Market Confidence and Structure
The optimism pervading the market stems from the approval of the Genius act, a landmark piece of cryptocurrency legislation in the United States. This act, which establishes clear guidelines for U.S. dollar-backed stablecoins, was passed by the U.S. House of Representatives yesterday.
The Genius Act aims to enhance transparency and security for both users and issuers of stablecoins,addressing a significant area of legal uncertainty within the digital asset space. alongside the Genius Act, the Digital Asset Market Clarity act and the Anti-CBDC Surveillance State Act were also approved. These bills now await passage through the Senate before being presented to President Donald Trump for his signature.
The anticipation that this legislation will pave the way for broader institutional adoption is expected to sustain the positive market trend. Ripple, with its RLUSD stablecoin, is poised to benefit directly from the new law, possibly improving XRP’s legal standing relative to other digital assets. This afternoon, President trump is expected to sign the Genius Act into law, marking a pivotal moment as the first major cryptocurrency regulation in the U.S.
