The cryptocurrency market is experiencing a surge of bullish momentum, directly fueled by increasingly favorable political tailwinds from the United States. Former President Donald Trump's recent vocal support for the digital asset industry, coupled with significant legislative progress on stablecoins, has injected a fresh wave of optimism among traders. At Coinbase's State of Crypto Summit, Trump declared his administration would work towards establishing "clear and simple market frameworks," aiming for America to "dominate the future of crypto and bitcoin." This pro-crypto rhetoric comes as the Senate passed the GENIUS Act, a bill supporting dollar-backed stablecoins, with strong bipartisan support. This confluence of positive regulatory news appears to be a primary catalyst for the market's recent rally, overriding concerns about Trump's own family-linked crypto dealings, including a reported stake sale in a firm with its own stablecoin.

Bitcoin (BTC) Eyes $110,000 as Bulls Take Control

Bitcoin has responded emphatically to the positive sentiment, with the BTC/USDT pair climbing 0.94% in the last 24 hours to trade at $109,239. The asset pushed to a daily high of $109,600, signaling strong intent to breach the psychological $110,000 resistance level. Trading volume for the pair remains modest at approximately 3.96 BTC, suggesting that while sentiment is high, a larger volume surge would be needed to confirm a sustained breakout. The BTC/USDC pair shows a similar trajectory, trading at $109,192 with a 24-hour high of $109,650. The immediate support for Bitcoin now sits near the 24-hour low of around $107,800. A successful hold above this level could provide the foundation for another attempt at new highs, especially if the pro-crypto political narrative continues to strengthen.

Ethereum and Altcoins Lead the Charge

While Bitcoin's performance is impressive, Ethereum (ETH) and select altcoins are showcasing even greater strength, hinting at a potential capital rotation. The ETH/USDT pair surged an impressive 2.06% to $2,571, touching a high of $2,603. More significantly for traders, the ETH/BTC ratio has jumped 2.85% to 0.02384. This outperformance is a classic signal that market participants are willing to take on more risk, often preceding a broader altcoin rally. This move suggests traders are betting on Ethereum's ecosystem and its potential upside relative to Bitcoin in the current environment.

The bullish sentiment is widespread across the altcoin market. Solana (SOL) has been a standout performer, with the SOL/USDT pair rallying 2.83% to $151.83 after hitting a 24-hour peak of $153.67. Against Bitcoin, the SOL/BTC pair also climbed 1.84%, indicating its inherent strength. Another notable gainer is Avalanche (AVAX), which saw its AVAX/BTC pair rocket up by 6.73% to 0.00022670 on significant volume of nearly 860 BTC. This powerful move highlights strong buying interest in specific Layer-1 protocols. Even Chainlink (LINK) is showing robust activity, with the LINK/BTC pair seeing massive trading volume of over 2,562 BTC, despite a more modest price gain of 1.02%. This high volume indicates significant accumulation and positioning by traders in anticipation of further upside. The positive developments for companies like Coinbase (COIN) and Circle (CRCL), who were present at the summit, could also translate to increased confidence in the broader ecosystem they support, creating a virtuous cycle for asset prices.