Dogecoin, Solana, and Ethereum spur crypto market to rise, Bitcoin (BTC) stagnates

Updated

July 8, 2025

Gambar Dogecoin, Solana, and Ethereum spur crypto market to rise, Bitcoin (BTC) stagnates

Jakarta, Pintu News – Earlier this week, the cryptocurrency market showed strength with altcoins being the main drivers. Dogecoin was the star among the ten largest crypto assets by market capitalization, rising 3.4% and becoming the best performer. This rise is thought to be related to the news that Elon Musk, Dogecoin enthusiast and tech billionaire, announced the formation of a new political party called the “America Party” which aims to be an alternative to the Democrats and Republicans in the United States.

In his latest tweet, Elon Musk confirmed that his new party will accept Bitcoin because “fiat is hopeless.” However, he didn’t specifically mention Dogecoin in his statement. However, the market seems optimistic that Dogecoin will be included in Musk’s new political agenda or at least be the subject of discussion on social media, triggering buying among traders.

Solana (SOL) and Ethereum (ETH) Post Positive Performance Thanks to ETFs

Apart from Dogecoin, Solana and Ethereum also recorded gains of 3.1% and 1.9% respectively. One of the main catalysts was the launch of a Solana staking-based Exchange-Traded Fund (ETF) in the United States, which on the first day of trading already attracted $12 million worth of inflows (equivalent to IDR194.89 billion, 1 USD = IDR16,241). Bloomberg analyst Eric Balchunas noted the ETF had a “healthy start to trading” and went straight into the top 1% of new ETF launches in the US market.

Although the Solana staking ETF has been launched, the Securities and Exchange Commission (SEC) has yet to make a decision on the Solana spot ETF or other altcoins. If such permission is granted, billions of dollars worth of institutional investment opportunities are expected to flow into the altcoin market, providing further potential price increases for Solana, Ethereum, and other altcoins.

Also Read: US Tariff Delay Could Make Bitcoin Set a New Record This Week, What’s Really Happening?

Bitcoin (BTC) Stagnates, Altcoins Outperform

Volume in $SSK now at $20m, which is really strong, top 1% for a new launch. For context, $SOLZ did $1m on Day One, and that's pretty good. Also, the $25m in seed assets makes $SSK already bigger than $SOLZ. https://t.co/ibiKxizeeQ
— Eric Balchunas (@EricBalchunas) July 2, 2025

Amidst the significant rise of altcoins, Bitcoin’s (BTC) movement has been relatively flat with only a 0.5% gain in the last 24 hours. This suggests that investor sentiment is currently favoring altcoins over Bitcoin as the primary asset. Factors such as new innovations in the ETF sector, political issues, and the adoption of the blockchain ecosystem are the main attractions for traders in the meantime.

This positive momentum also reinforces the narrative of “altcoin season,” where altcoins are able to outperform Bitcoin during certain periods. However, investors are still advised to monitor potential volatility and regulatory news that could affect the overall direction of the crypto market at any time.

Conclusion

The rise in Dogecoin, Solana, and Ethereum prices earlier this week marked a return of investor confidence in altcoins as an investment alternative amid Bitcoin’s price stagnation. Political news, new ETF product launches, and regulatory anticipation will still be the main drivers of the crypto market in the near future.

Also Read: Russia Launches National Register of Crypto Mining Rigs: Cryptocurrency Miners Taxed?

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.