Crypto wrap: Bitcoin steady, ETH eyes $5k as PUMP, ENA and S lead gainers

Cryptocurrencies continue to show overall resilience on Thursday, July 31, 2025, with Bitcoin steady as Ethereum eyes $5k target and altcoins like Pump.fun (PUMP), Ethena (ENA), and Sonic’s S spearhead top 100 gainers. 

This sees the overall market capitalisation hover at $3.9 trillion, up 1.3% in the past 24 hours.

Meanwhile, trading volume has jumped 7% to over $172 billion. 

Overall, sentiment remains cautiously optimistic, bolstered by institutional interest and macroeconomic developments.

Bitcoin holds $118k amid Fed, tariff news

Bitcoin has struggled since dipping from its all-time high above $123k.

However, BTC is demonstrating resilience as it hovers around $118,446.

This show of bullish optimism around BTC holds despite significant sell-off pressure related to decades-old coins hitting the market.

Across the markets, factors like the Federal Reserve’s recent decision to maintain interest rates at 4.50% and tariffs have contributed to Bitcoin’s performance.

Despite this, Bitcoin’s stability benefits from investor confidence, mainly amid institutional accumulation.

Ethereum targets $5k, Glassnode suggests

As BTC hovers above $118k, Ethereum is poised for a potential surge.

The top altcoin has traded to highs of $3,940 in the past 24 hours, and analysts from Glassnode forecast it could target the $5,000 area.

On-chain activity and institutional demand are key drivers. 

As Ethereum continues to benefit from upgrades and ETF inflows, the projected $5,000 milestone could be the first step to more gains.

PUMP, ENA, Sonic’s S lead gains amid altseason forecasts

The altcoin market continues to experience bullish attention, with PUMP, ENA, and Sonic’s S emerging as top performers. 

PUMP, ENA and S were up 26%, 16%, and 14% in the past 24 hours, respectively.

The uptick for these small-cap altcoins aligns with growing speculation of an altseason, where smaller cryptocurrencies outperform Bitcoin.

Market analysts attribute the altcoin season forecasts to increased retail and institutional interest in innovative projects.

Focus is largely on top coins such as SOL, XRP and LTC. However, even smaller projects are attracting attention,

Pump.fun’s decentralised liquidity model and Ethena’s stablecoin traction and Sonic’s growing ecosystem are all positive factors.

While PUMP, ENA, and S lead the charge among top gainers, the laggards of the day include TRON, Bitget Token, and Pi Network, each of which has declined by more than 2% in the past 24 hours.

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