Bitcoins price is starting to heat up again, pushing towards the important $110,000 level and recording an increase of around 1.6% in the past 24 hours. This comes amid an even more impressive rally from certain meme coins such as Fartcoin and Bonk.

The total crypto market capitalization added around $50 billion during the day and is inching closer to $3.5 trillion. All of this happens as important regulatory changes are likely to take effect in the United States.

Bitcoin Price En Route to New All-Time Highs

At the time of this writing, BTC trades at around $109,500 which is around 2% below its all-time high achieved on May 22nd about a month a go. And while were on the topic of statistics the all-time low recorded on CoinGecko took place on July 6th 12 years ago. Since then, the cryptocurrency has returned the staggering 161,270% increase.

Anyways, back to the day-to-day news. BTC looks eager to take on its former highs and this is happening as the One Big, Beautiful Bill proposed by Donald Trumps administration passed both Senate and the House votes in the past 24 hours.

It doesnt include any direct crypto regulations, but it does intend to alleviate taxes on retail users and also introduce (or re-introduce, to be more precise) the so-called 100% bonus depreciation rule, which will allow Bitcoin mining companies to write off their equipment immediately, potentially allowing them to ramp up operations and increase the networks hash rate, which has historically been bullish for the price.

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Source: TradingView In other BTC-related news, the BlackRock IBIT ETF, which tracks Bitcoins price, is now generating more fees than their legendary SP 500 fund a clear indication of the pent up demand and the fact that investors are willing to pay premium fees for exposure.

Fartcoin, Bonk Lead Meme Coin Gains

As you can see in the heatmap below, its a sea of green in the altcoins market today. Most of them are charting notable increases. Even the large-caps are up a lot ETH gains 5.8%, DOGE 7.7%, ADA 8.5%, HYPE 5.5%, SUI 11.6%, and so forth.

But the most impressive gains for the day come from two of the more polarizing meme coins Fartcoin and Bonk. The latter is todays best performer, gaining about 20%, while the latter is up by 17%. Right behind them is Celestia (TIA), which gained 16%.

Its one of those days where the worst-performing cryptocurrencies are stablecoins (ironically, of course), with just Fasttoken (FTN) and Bitcoin Cash (BCH) struggling to gain and trade flat.

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Cryptocurrency charts by TradingView.