Altcoins such as %Solana (CRYPTO: $SOL), XRP (CRYPTO: $XRP), and %Dogecoin (CRYPTO: $DOGE) are marching higher as the rally in cryptocurrencies broadens out beyond %Bitcoin (CRYPTO: $BTC).
%Ethereum (CRYPTO: $ETH), the second largest %Cryptocurrency by market capitalization, has risen 6% in the past 24 hours, rising above $3,100 U.S., its highest level since February of this year.
At the same time, the price of Solana, XRP, and Dogecoin are each up more than 3% in the last day as investors move into cryptocurrencies other than Bitcoin.
The entire crypto market is getting a lift as U.S. lawmakers debate the GENIUS Act, bipartisan legislation that could dramatically expand the use of stablecoins, which are cryptocurrencies tied to an underlying asset such as the U.S. dollar.
U.S. President Donald Trump has said that Republican lawmakers who objected to a trio of crypto bills, including the GENIUS Act, are now ready to approve them.
Bitcoin has moved dramatically higher in recent days, hitting a record high above $123,000 U.S., on expectations for the crypto legislation and as institutional investors buy digital assets.
Cryptocurrencies are also expected to benefit should the U.S. Federal Reserve cut interest rates as expected later this year.
BTC is currently trading at just under $119,000 U.S., having gained about 2% in the past 24 hours. Crypto trades around the clock, seven days a week.
