Why Crypto Is Going Up? Bitcoin, Ethereum, XRP and Dogecoin Prices Today Lead Broad Rally

The cryptocurrency market is recording strong gains across major assets, with the total market capitalization rising to about $3.88 trillion in the 24 hours to early Friday, 8 August, 2025, up 2.8% from the prior day. Bitcoin continues to hold a dominant share of nearly 60%, reflecting investor preference for large-cap digital assets amid heightened trading activity.

This week’s rally comes against the backdrop of significant macroeconomic and regulatory developments in the United States. A newly signed executive order by President Donald Trump allows cryptocurrencies to be included in 401(k) retirement plans, a policy change that analysts say could unlock new sources of long-term capital.

At the same time, the nomination of Stephen Miran to the Federal Reserve’s Board of Governors is being interpreted by markets as a potential shift toward more dovish monetary policy, with futures markets pricing in a 95% probability of an interest rate cut in September.

In this article, I examine why crypto is going up, conduct a technical analysis of the BTC/USDT, ETH/USDT, XRP/USDT, and DOGE/USDT charts, and review the latest price forecasts from experts and analysts.

Bitcoin Price Pushes Back Toward Highs

Bitcoin (BTC) price climbed back above $116,500 on Friday, gaining 1.7% in the past 24 hours. The move follows a brief dip earlier in the week below $112,000 and represents a return to the range that dominated most of July. In late U.S. trading on Thursday, prices briefly approached $117,500, the highest level since late last month.

Market analysts link the rebound to a combination of macroeconomic optimism and policy tailwinds. The prospect of looser monetary policy, combined with retirement-account access to crypto, is strengthening the demand outlook. Institutional flows also remain robust, with July data showing more than 21,000 BTC added to institutional holdings, equivalent to roughly $2.46 billion.

While sentiment has improved, resistance near the $117,500 level remains a hurdle for further upside. A sustained breakout could open a path toward the $120,000 area, though traders are cautious ahead of the Federal Reserve’s annual Jackson Hole symposium in two weeks.

Why is Bitcoin price going up today? Source: Tradingview.com

Ethereum Holds Near $3,900 on Network Optimism

Ethereum (ETH) price has outperformed Bitcoin in recent sessions, rising more than 6% over the past 24 hours to trade near $3,906 as of Friday morning. Prices reached intraday highs above $3,970 on Thursday before easing slightly into the current consolidation range.

The advance follows stronger demand in both spot and derivatives markets, alongside optimism over network-level upgrades aimed at improving scalability. Technical indicators show ETH holding well above its 50-day moving average, with analysts pointing to $4,000 as the next major resistance level. Some forecasts suggest the asset could reach $4,400 in the medium term if buying pressure persists.

Why is Ethereum price going up today? Source: Tradingview.com

According to my technical analysis, there is strong resistance in the $3,950–$4,000 zone, and I would not be surprised if it triggered selling pressure and a return to the local highs from the first half of July, below $3,800. However, anything above $3,000 still presents a buying opportunity.

"We see institutional buyers moving limits up from their $2,500 range to floors at $3,200 levels, so a correction here would be healthy and would give room for the options market to fill and move us higher in the coming months," Paul Howard from Wincent commented.

You may also like: New Ethereum Price Prediction Targets $17K by 2026. Could ETH Gain as Much as 350%?

Dogecoin Jumps on Whale Accumulation

Dogecoin (DOGE) price recorded one of the day’s largest percentage gains among major cryptocurrencies, surging 8.4% to $0.22 in the 24 hours to August 8. The move was powered by two distinct breakout phases, one around 10:00 UTC, lifting prices to $0.213, and another between 19:00 and 22:00 UTC, pushing the token to a session high of $0.223.

Trading volume exceeded 1 billion DOGE, far above the 24-hour average of 378 million, indicating significant market participation. Data suggests large-scale “whale” accumulation over the past 48 hours, with more than 1 billion DOGE purchased by high-volume holders. Analysts say such activity is boosting institutional confidence, with some setting medium-term targets at $0.34 and $0.50.

On the technical side, new resistance has formed in the $0.222–$0.224 range, with support holding just above $0.220. Momentum indicators show the relative strength index (RSI) nearing historically overbought levels, which in past cycles preceded rallies of more than 70%. Traders are watching for a sustained move above $0.224 as a potential trigger for the next leg higher.

Why is Dogecoin price going up today? Source: Tradingview.com

XRP Climbs on Legal Resolution and Options Activity

XRP price advanced 11% over the past 24 hours, climbing from $2.99 to $3.30, its highest level since July 28. The rally was supported by more than 300 million tokens traded, with peak volumes occurring around 21:00 UTC Thursday.

The price surge coincided with the formal end of the U.S. Securities and Exchange Commission’s long-running lawsuit against Ripple Labs. Both parties agreed to drop their appeals in the Second Circuit Court of Appeals, removing a legal overhang that has clouded XRP’s regulatory status since 2020. Market participants view the resolution as opening the door for greater institutional participation, particularly in the United States.

My technical analysis suggest a bullish bias, with a well-defined flag formation pointing to potential targets between $8 and $15 over a longer horizon. The XRP/USDT price moved back above $3.33 support zone which makes it easier to test the current (almost) all-time high around $3.60.

Why is XRP price going up today? Source: Tradingview.com

On the derivatives side, large block trades in XRP options, specifically long straddle positions, indicate traders are positioning for continued volatility. An ETF filing by Japan’s SBI Holdings, which includes both Bitcoin and XRP, adds another potential demand catalyst.

You can also check my previous XRP price prediction article here: XRP Price Will Hit $9 as Analysts Predict 200% Surge by September 2025

Why Is Crypto Going Up Today? Broader Trends and Institutional Positioning

• U.S. policy changes — President Trump’s executiveorder allows crypto in 401(k) retirement plans, expanding the investorbase.
• Monetary policy expectations — High market probability of aFed interest rate cut in September supports risk assets.
• Institutional accumulation — Large-scale purchases ofBitcoin, Ethereum, XRP, and DOGE by funds and high-net-worth investors.
• Regulatory clarity — Resolution of the SEC vs.Ripple case removes a major legal overhang for XRP.
• ETF developments — Japan’s SBI Holdings filingfor a Bitcoin-XRP ETF boosts demand expectations.
• Technical breakouts — Multiple assets breakingthrough resistance levels, attracting momentum traders.
• Increased trading volumes — Spike in on-chain andexchange volumes, especially in altcoins like DOGE and XRP.
• Macro risk-on sentiment — Falling inflationexpectations and weaker economic data encourage flows into high-betaassets.
• Derivative market signals — Bullish option strategies(e.g., long straddles in XRP) suggest anticipation of further volatility.
• Whale activity — Large DOGE purchases signalstrong confidence from major holders.

Beyond the day-to-day price moves, the current rally is underpinned by growing institutional adoption and favorable macroeconomic signals. Hedge funds, asset managers, and corporate treasuries have increased allocations to major cryptocurrencies, with institutional holdings of Bitcoin now representing roughly 6% of circulating supply.

Policy developments, such as retirement-plan access and clearer regulatory frameworks, are reducing barriers for large capital pools. Analysts note that these structural shifts could support sustained demand even in periods of market consolidation.

At the same time, risk-on sentiment is being reinforced by easing inflation expectations and the possibility of near-term interest rate cuts. This macro backdrop has historically benefited both equities and cryptocurrencies, as investors seek higher-beta exposure.

Bitcoin, Ethereum, XRP and Dogecoin Price Predictions

Bitcoin (BTC) Price Predictions Table

Bitcoin projections vary widely: from modest near-term ranges ($116K–$150K) to ambitious year-end targets as high as $250K.

Ethereum (ETH) Price Predictions Table

Ethereum sees consistent forecasts near $4K–$4.5K in the short term, with bullish long-term scenarios ranging from $10K to $13K.

XRP Price Predictions Table

XRP is expected to benefit from regulatory clarity and bullish technical setups, with price targets now ranging from $5 up to $7 or even as high as $48, depending on analyst models.

Dogecoin (DOGE) Price Predictions Table

Dogecoin holds moderate upside expectations, with near-term projections between $0.20–$0.33 and a long-shot structural move toward $1 by late 2025.

Crypto News Frequently Asked Questions (FAQs)

Why is crypto going up today?

The rally is driven by a mix of macroeconomic optimism, policy support in the U.S., and strong institutional inflows into Bitcoin, Ethereum, and select altcoins.

Why did Dogecoin surge?

Large-scale whale buying and high trading volumes pushed DOGE above key resistance, supported by broader meme-coin momentum.

Why is XRP rising sharply?

The conclusion of the SEC lawsuit against Ripple removed a major regulatory obstacle, while derivatives market activity points to expectations of continued volatility.

Is the rally sustainable?

While technicals remain favorable, upcoming macro events — including the Federal Reserve’s Jackson Hole symposium — could influence short-term direction.

Why is Bitcoin going up today?

Bitcoin is rising on optimism over U.S. policy shifts allowing crypto in retirement accounts, expectations of lower interest rates, and continued institutional accumulation.

Why is Ethereum going up today?

Ethereum’s gains are supported by strong buying interest, network upgrade optimism, increased trading volumes, and positive technical momentum toward the $4,000 level.