The crypto market has seen a strong run in the last 24 hours. The total market cap touched $3.81 trillion, rising 3.61%, as Bitcoin crossed its all-time high of $123,000. The rally wasn’t just about Bitcoin. Altcoins, including Pudgy Penguins (PENGU), Algorand (ALGO), JasmyCoin (JASMY), Sui (SUI), and Uniswap (UNI), also posted major gains. Here’s a quick look at what’s driving each one.
Pudgy Penguins (PENGU) — ETF Buzz Sends Price Flying
Pudgy Penguins (PENGU) jumped 19.28% in the past day. It’s now priced at $0.02891 with a market cap of $1.8 billion. Trading volume hit $2.38 billion, up over 260%. The main reason behind this pump is ETF speculation.
On July 10, the U.S. SEC acknowledged a spot PENGU ETF proposal from Canary Capital. If approved, it would make PENGU the second memecoin with its own ETF, after Dogecoin.
There’s also been social media momentum. Both Coinbase and Binance U.S. changed their X profile pictures to Pudgy Penguins, driving a wave of retail attention. Pudgy Penguins NFTs saw their floor price jump 26% to 11.8 ETH, adding to the hype.
Algorand (ALGO) — Breakout Linked to ISO 20022 Push
Algorand (ALGO) rose 14.92% in the past 24 hours, now trading at $0.2785. It holds a $2.41 billion market cap, with $773 million in daily volume. ALGO broke past its key $0.285 resistance, last seen in December 2024, triggering a strong move up.
Part of the reason is the growing buzz around ISO 20022. On July 14, the Federal Reserve officially adopted this messaging standard for Fedwire. That’s put a spotlight on blockchains like Algorand, which are often pitched as bridges between crypto and traditional finance. ALGO’s energy-efficient transactions and stablecoin growth are helping its case, though its actual blockchain revenue is still weak.
JasmyCoin (JASMY) — AI Partnership Fuels Speculation
JasmyCoin (JASMY) gained 16.33% over the day, priced now at $0.01750. Market cap sits at $865.49 million, with $132 million in daily volume. The price jump followed a clean falling wedge breakout, combined with over 150% volume growth.
The other driver is AI buzz. Jasmy’s JANCTION L2 chain uses Nvidia chips, which caught attention after Nvidia crossed a $4 trillion market cap milestone. Jasmy also mentioned new enterprise pilot programs earlier this week. While retail interest is growing, traders should note that nearly 47% of JASMY’s supply sits with large holders.
Sui (SUI) — DeFi Growth and BTC Support in Focus
Sui (SUI) posted a 15% gain, now priced at $3.92. It has a market cap of $13.57 billion and $2.25 billion in 24-hour trading volume. SUI broke through $3.48 resistance, triggering its latest rally.
Sui’s growth is tied to its integration with tBTC, which brought $500 million in Bitcoin liquidity into its DeFi ecosystem. This has boosted volumes across Sui’s decentralized exchanges, with activity topping $280 million over the past week. While RSI shows the token is getting overbought, buyers are clearly still in control.
Uniswap (UNI) — Whale Moves Push Price Up
Uniswap (UNI) jumped 11.39% to $9.42. Its market cap is now $5.92 billion, backed by $915 million in daily trading volume, pumping 181%. Whale accumulation was the big story here.
On July 14, Trend Research pulled 2.78 million UNI off Binance, worth roughly $25.5 million. This created upward price pressure by reducing UNI’s available supply.
UNI also cleared its $8.64 resistance level, a key marker on the chart. Market watchers now expect it could test the $10.36 zone next.
Bitcoin (BTC) — New All-Time High, Record ETF Inflows
Bitcoin (BTC) remains the main driver behind today’s broader market rally. It climbed 3.56% to trade at $121,985.87. Its market cap stands at $2.42 trillion, with daily trading volume surging to $107.86 billion. More importantly, Bitcoin briefly touched $123,000, its new all-time high.
The latest move comes on the back of $2.7 billion in Bitcoin ETF inflows over just 24 hours. BlackRock’s IBIT product alone holds over 700,000 BTC now. Japanese firm Metaplanet also joined in, adding 797 BTC as part of its larger strategy to control 1% of Bitcoin’s supply by 2027.
With Bitcoin supply on exchanges sitting at decade lows and nearly 99% of it held long-term, scarcity is tightening. Whether today’s rally can extend depends on ETF momentum holding steady and altcoins keeping up with the pace.
Also Read: Bitcoin and Ethereum Spot ETFs See Strong Weekly Inflows
