Altcoins Drive Market Momentum as Conflux Soars 110% in a Single Day
The global crypto market is showing renewed strength, adding $79 billion in value over the past 24 hours. With Bitcoin trading sideways, the spotlight has shifted to altcoins—especially Conflux (CFX), which exploded by 110%, marking one of the most dramatic single-day gains in recent months.
Altcoins Take the Lead as Market Cap Climbs
The total cryptocurrency market cap now stands at $3.89 trillion, inching closer to the psychological milestone of $4.00 trillion. This rally is largely being powered by altcoin momentum as investors rotate capital away from Bitcoin, signaling growing appetite for risk and diversification.
Should this trend continue, the market could flip $3.90 trillion into a support level, setting the stage for a possible breakout above $4 trillion. However, analysts caution that the bullish sentiment remains vulnerable. If profit-taking kicks in, the market could reverse course and dip below $3.80 trillion, erasing recent gains.
Bitcoin Holds Steady Amid Altcoin Season Hints
Bitcoin is holding firm at $118,611, trapped in a narrow range between $117,000 and $120,000. While BTC maintains its footing, it appears to be consolidating as investors chase higher returns from altcoins.
A drop below $115,000 could indicate short-term weakness, potentially sidelining Bitcoin during what many are calling the early stages of an altcoin season. Conversely, a push above $120,000 could reassert Bitcoin’s dominance and reignite its bullish momentum, with $122,000 as the next likely target.
Conflux Breaks Out After Shanghai Event
Conflux (CFX) emerged as the day’s standout performer, surging 110% and reaching its highest price in seven months. The spike follows the conclusion of the Conflux conference in Shanghai, which highlighted several ecosystem advancements and upcoming features.
Much of the excitement now centers on the anticipated Conflux 3.0 upgrade, scheduled for August. CFX is currently trading at $0.22. If the bullish trend continues, the token could soon break through $0.24 and test $0.26.
Still, traders should tread carefully. If CFX falls below its $0.19 support, it may retreat to $0.17, signaling a potential cooldown and putting pressure on the broader altcoin market.
Global Policy Moves Fuel Optimism
Adding fuel to the rally are two major policy developments:
- In the U.S., the White House is set to release its first comprehensive crypto policy report on July 22, following a recent executive order aimed at boosting America’s leadership in digital assets. The order also scrapped a previous digital dollar plan and rolled back the 2022 policy framework.
- In the U.K., authorities plan to liquidate over $6.7 billion in Bitcoin seized from a 2018 Chinese Ponzi scheme. The funds will help reduce the national budget deficit, and the government is currently finalizing logistics for secure asset sales.
These moves signal a maturing regulatory landscape and growing integration of crypto into mainstream finance and governance.
