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The cryptocurrency market is in the green again, with altcoins leading the way in not so abrupt but visible growth. Bitcoin for the moment remains stable at around $108,000.
Bitcoin Price on CoinGecko -> TradingView
We must talk about the performance of Dogecoin, which has entered the top 10 by market capitalization. In a weekly range, it has had an increase of 3.3%, which represents the interest and confidence of those who bet on this memecoin. Apparently the reason for the increase in price of a memecoin cryptocurrency is usually based on the way a person of interest speaks well of it.
It is thought that the reason DOGE is ranked #9, with a price of $0.169 at the time of writing, is due to a stance Elon Musk has taken with the creation of a new political party he called "The America Party". After raising his voice about the party as the solution to various problems, he has been asked if Bitcoin will be adopted; his answer was a resounding yes assuring that the FIAT model is hopeless. As expected, market behavior leans positively towards Bitcoin when there is news about its adoption, but also by who is leading that adoption. In this case Elon Musk is a billionaire who has greatly influenced DOGE's performance. Although the undercurrent of this news, is actually to offer an alternative to the Democrats and Republicans.
This party is intended not to go towards the presidency, but to field candidates in the direction of the 2026 midterm elections. Musk has a lot of influence in terms of the political aspect, so the decisions made from now on, could serve to introduce a wider Bitcoin adoption. Moreover, if we take into account that the US country is going through a political stalemate due to expenses that have produced a really counterproductive deficit, added to the fact that the national debt continues to increase drastically, it is clear to think about looking for an alternative solution.
From the point of view of several influential people in the cryptographic context, it is possible to appreciate different positions. On the one hand, there are those who say that Musk's words fail to be fulfilled because they are given at a time when provocations arise. Something common when talking about politics to face the opposition. On the other hand, there are those who argue that his words are trustworthy, and relate it to the help he has given for Donald Trump's candidacy and presidential run, demonstrating his commitment to promote what he seeks to succeed in.
The bet by the companies led by Elon Musk clearly shows that there is a certain intention to accumulate Bitcoin. It is common knowledge that both Tesla and SpaceX have in their possession the amount of 19,800 BTC, which at current prices is around $2.4 billion dollars. According to CoinPerps, there is an estimated open interest of $74.86 billion.
Among the altcoins that have seen a significant rally have been Ethereum and Solana. They are up 3.1% and 1.9% respectively, reinforcing the idea that something is coming, gradually but surely going forward.
Post of EricBalchunas on X
What we can be sure of is that Solana's exposure to an exchange-traded fund oriented market could be the start of a major influx of financial inflows. Wednesday was the day that a fund was launched in the United States that managed to generate an incredible $12 million in inflows in just one day. As I had mentioned earlier, it could mean a major institutional investment. Of course, first the Securities and Exchange Commission should approve ETFs that are linked to SOL and other types of altcoins, but I think it's only a matter of time.
