The crypto market gained steam on Friday, July 11, with Bitcoin and most altcoins jumping by over 5%. Bitcoin (BTC) surged to nearly $120,000, while the crypto Fear and Greed Index moved to the greed zone of 65. The total market capitalization of all coins jumped to over $3.6 trillion. Why crypto is up today Crypto prices rallied ahead of the upcoming crypto week, during which politicians in Washington will consider three major bills. One of them is GENIUS, which will regulate stablecoins and has already passed in the Senate. Lawmakers will also consider the CLARITY Act, which separates the roles between the SEC and the CFTC. Additionally, regulators will review a bill to ban Central Bank Digital Currencies in the U.S. Bitcoin and other cryptocurrencies are also moving higher due to hopes that the Federal Reserve will begin cutting interest rates in September and continue through 2026. Some Fed officials, like Christopher Waller and Michele Bowman, have called for a rate cut as soon as this month. You might also like: Polkadot price analysis: DOT breaks historical resistance, eyes run to $7.00 Fed interest rate cuts are expected to accelerate in 2026 when Donald Trump’s nominee to replace Jerome Powell is sworn in. Trump, who has called for a 300 basis point cut, has hinted that he will only nominate an official who will cut rates. Bitcoin and other cryptocurrencies historically perform well in a low-interest-rate environment. Further, crypto is rising due to increasing Bitcoin and Ethereum ETF inflows, which signal strong demand from American investors. Bitcoin ETFs have added over $51 billion in inflows since inception, while Ethereum funds crossed the $5 billion milestone. In a note to crypto.news, Premyslaw Kral, the CEO of Zondacrypto, said: “We’re observing increased interest from institutional players, largely in the form of ETFs, which have significantly changed the reality of the crypto industry, alongside simple capital inflows, as observed now on the BTC market.” There are also hopes that the Chinese government will legalize cryptocurrencies. A top regulator told a conference that the government was studying digital coins. Unbanning cryptocurrencies would likely lead to increased demand from Chinese individuals and retail investors. Best altcoins to buy in this crypto bull run Analysts, including Arthur Hayes believe that the altoin season isaround the corner. Such a move would benefit many altcoins, especially meme coins. Some of the best meme coins to consider are the popular names like Pepe (PEPE), Dogwifhat (WIF), and Fartcoin (FARTCOIN). Top utility cryptocurrencies, especially those with high ETF approval hopes like Ripple (XRP) and Solana (SOL), will be the other top beneficiaries of this bull run. Other top altcoins to buy are Chainlink, Quant, and Hedera Hashgraph. You might also like: Here’s why Pi Network price is primed for a short squeeze