Cryptocurrency going up today – here is why

The total crypto market capitalization climbed by $83 billion in the past 24 hours, reaching $3.49 trillion. Bitcoin (BTC) rose 1.4% to $104,000, Ethereum (ETH) gained 1.7% to $3,450, and Solana (SOL) advanced 1.1% to $162. The rally comes after several weeks of downward pressure that pushed Bitcoin to a five-month low near $99,000.

Optimism over the U.S. Supreme Court hearing on President Trump’s reciprocal tariffs is fueling the current rebound. A Polymarket poll shows the odds of Trump winning the case have fallen from 43% to 25%, raising hopes of reduced tariff-driven inflation.

Markets typically perform better during easing cycles, as lower interest rates boost liquidity and risk appetite. With traders anticipating softer monetary conditions, why crypto is up becomes clear: the macro narrative has shifted toward renewed optimism after months of tightening.

Renewed institutional activity is another factor explaining why is crypto going up. Franklin Templeton has launched Hong Kong’s first Luxembourg-registered tokenized money market fund under the HKMA’s “Fintech 2030” initiative. The fund marks a major step for tokenized finance, signaling broader acceptance of blockchain technology among global asset managers.

Meanwhile, Citadel and Fortress Capital have taken a stake in Ripple Labs, valuing the company at $40 billion. Chainlink has also partnered with S&P Global to power the upcoming S&P Digital Markets 50 Index, further linking crypto infrastructure with traditional finance.

The rally coincides with a sharp rebound in derivatives activity. CoinGlass data shows futures open interest rising 2.13% to $143 billion, the strongest increase since last month’s $20 billion liquidation event.

At the same time, investors are rotating into high-volatility assets such as memecoins and niche altcoins. OFFICIAL TRUMP (TRUMP) jumped 18% in a single day, while Iggy Azalea’s MOTHER token climbed 25% following the launch of a transparency-focused platform on Solana. The shift highlights renewed appetite for risk and helps explain why crypto is up, even as Bitcoin continues to consolidate below the $105,000 resistance.