Bitcoin, Ethereum, Dogecoin Rise As Crucial Crypto Bills Sail Through The US House: Analytics Firm Sees 20%-25% Upside For BTC Before Profit-Taking Kicks In

Leading cryptocurrencies rose on Thursday as the House of Representatives passed crucial bills aimed at ending regulatory ambiguity in the industry.

What Happened: Bitcoin nearly reclaimed $121,000 in the evening before pulling back to the $119,000 zone. An overnight surge, however, pushed the apex coin back above $120,000, 2.22% short of its record high.

Ethereum also broke past $3,500 to hit an eight-month high, extending a winning run that has returned its holders more than 42% in the past month. 

Bitcoin's dominance fell to 61%, while Ethereum's market share surged past 11% for the first time since January.

The House passed key cryptocurrency bills, including the GENIUS Act, which now heads to President Donald Trump's desk, and the CLARITY Act, which will proceed to the Senate. 

Meanwhile, cryptocurrency liquidations hit $607 million in the last 24 hours, with bearish bets accounting for more than half of them.

Bitcoin's open interest rose by 1.15% in the last 24 hours, while Ethereum recorded a 6.16% spike. The "Greed" sentiment prevailed in the market, according to the Crypto Fear & Greed Index.

Top Gainers (24 Hours)

The global cryptocurrency market capitalization stood at $3.79 trillion, following a 2.24% increase in the last 24 hours.

Stocks ascended to record levels on Thursday. The Dow Jones Industrial Average jumped 229.71 points, or 0.52%, to end at 44,254.78. The S&P 500 rose 0.54% to close at a new record of 6,297.36. The tech-heavy Nasdaq Composite gained 0.57%, also experiencing a record close of 20,885.65.

Investors parsed the latest data on retail sales. June numbers exceeded forecasts, climbing 0.6% month-on-month after two consecutive decreases, indicating the resilience of the U.S. economy despite tariff-related pressures.

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Analyst Notes: Widely followed cryptocurrency analyst and trader Ali Martinez highlighted the possibility of Bitcoin rallying toward $132,000 if it records a daily close above $121,000.

Blockchain analytics firm CryptoQuant noted that the unrealized profit of short-term holders was around 15%, far from the 35% threshold that has historically triggered profit-taking behavior.

"As a result, there is still room for BTC to rise by approximately 20% to 25% before hitting that critical MVRV threshold again," CryptoQuant said. 

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