Cryptocurrencies recorded collective gains in mid-trading on Friday, July 8, the closing session of the week, benefiting from US President Donald Trump’s decision to pave the way for capital inflows after he signed an executive order on Thursday allowing investment in cryptocurrencies and alternative assets in US 401k retirement plans. This supported cryptocurrency gains and promoted the faster integration of digital assets into the financial system.
The combined market capitalization of the cryptocurrency market, according to Coingecko, which includes more than 17,000 cryptocurrencies, rose by about 2.6% on Friday, bringing the market capitalization to $3.95 trillion. Bitcoin is trading at $116,625, up about 1.47% midday today, after testing $117,500 at the beginning of the Asian session, with its market capitalization rising to $2.32 trillion. Ethereum, the second-largest digital currency, is rising about 4.76%, trading at $3,890, with a market capitalization estimated at $469 billion.
XRP, or Ripple, maintains its third-place position in terms of market capitalization and tops the list of the top 10 most profitable coins today, with a rise of about 11.50%, trading at $3.33, with a market capitalization estimated at $197 billion. Dogecoin is up 8.84%, trading at $0.2225, with a market cap of $33 billion. Cardano is up 7.89%, trading at $0.7973, with a market cap of $28 billion. Solana is up 3.75%, trading at $175, with a market cap of $94 billion. TRON is up 1%, trading at $0.3370, with a market cap of $31 billion.