Currently Bitcoin is trading above $108,000 after starting the day down around $2,000 +0.35% of the day. Ethereum’s rally has been impressive, topping the top 10 cryptocurrencies. Even with Bitcoin controlling an increased 59% of the total market cap, altcoins have seen increased bullish momentum. Increasing ETF inflows and a potentially weak dollar may be affecting market dynamics.

Market Overview

Bitcoin (BTC), for example, is today trading at $108,812—up 0.4%. The Ethereum (ETH) lately performed the most impressive growth between the top 10 cryptocurrencies. And look at that, Ninety-five out of the top 100 coins are booming! This signals the day-long, strong bullish trend that has swept over the altcoin market today.

>Cronos (CRO) has rocketed by 16.4% to land at $0.09335, and SPX6900 (SPX) has jumped over 12.5% to $1.4. The overall crypto market cap has dropped by 2.5% to $3.44 trillion. Total market cap of the crypto markets $1.16 trillion Total 24h crypto trading volume $82.5 billion

ETF Inflows and Institutional Activity

So far US ETH ETFs have seen inflows of $46.63 million, a sign of deepening institutional interest in Ethereum. US BTC spot exchange-traded funds (ETFs) recorded massive inflows of $80.08 million on July 8th. On top of that, BlackRock is at the head of the class with inflows of $66.81 million.

Such inflows would indicate growing participation from institutions, further stabilizing and legitimizing the crypto market. The Fear and Greed Index currently sits at 52, which is considered neutral territory for investors.

"The fund could help increase liquidity and reduce price swings over time by making crypto exposure more accessible." - Andrejs Balans

With the Dollar Index (DXY) at a historically weak level, this may impact the value of cryptos. Indeed, some Bitcoin analysts have argued that a weak dollar environment would be overall positive for Bitcoin and other risk assets.

Global Economic Factors and Regulatory Updates

Darkfost_Coc mentioned the past relationship of a weak dollar and favorable Bitcoin returns.

"Although this may appear alarming at first glance, it actually tends to benefit risk assets like Bitcoin" - CryptoQuant

New Zealand has also recently prohibited crypto ATMs and limited cash transfers to $5,000. This regulatory swift also has far-reaching implications for the accessibility and acceptance of cryptocurrencies across the entire nation.

"This chart highlights periods where the DXY trades below its 365-day moving average. Looking at historical data, it becomes clear that such periods have been highly favorable to BTC." - Darkfost_Coc

New Zealand has recently banned crypto ATMs and imposed a $5,000 limit on cash transfers. This regulatory move may impact the accessibility and adoption of cryptocurrencies in the country.