Why Is the Crypto Market Up Today? Bitcoin, ETH, XRP and SOL Surge

Ethereum (ETH) rose 5.4% to $2,725, crossing the $2,672 resistance level. Traders watch this level for potential gains toward $3,000. The surge followed a Bitcoin short squeeze, with ETH's market cap at $332.5 billion. A weekly close above $2,672 could signal further gains, while a drop below $2,616 may reverse momentum.

Bitcoin (BTC) surged over 5% to $85,000, its highest since January, after the CLARITY Act failed in the Senate. Crypto-adjacent firms like Coinbase (COIN, +6%), MicroStrategy (MSTR, +8%), and Circle (CRCL, +6%) also rose. MicroStrategy bought 950 BTC and repurchased $174M in shares. Analysts cite Fed policy and regulatory support as potential drivers.

Bitmine acquired 27,562 ETH last week, bringing its total holdings to over 5.98 million ETH, or 4.9% of Ethereum's circulating supply. The company's total investments stand at $17.1 billion. Tom Lee, Bitmine's chair, stated that a crypto bull market began in late June, with ETH outperforming other assets. Bitmine is 98% toward its 5% Ethereum supply target.

Ethereum (ETH) is up 70% in Q3 2026, its best third quarter ever, per trader Kashif Raza. BlackRock reportedly bought $1.5B in ETH, according to Altcoin Daily. ETH needs to clear $2,672 to extend its rally, trading near $2,664.

Bitcoin closed above its 50-week moving average for the first time in 45 weeks, sparking a 5.3% surge and $300M in short liquidations. Galaxy Research notes this signals a potential bear market low, but requires closing above $85,000 by September 27 to confirm. Bitcoin is up 10% in a month but down 3% year-to-date.

Strategy, a Bitcoin treasury company, acquired 950 BTC for $75.7M, bringing its total to 846,000 BTC. This purchase is near its June record of 847,363 BTC. The company also spent $174M on repurchasing preferred shares. Strategy's average buy price for Bitcoin is $79,670, above its cost basis.