The recent surge of Bitcoin to $120,000 this week has triggered a wider breakout in major crypto assets, with ether (ETH), Solana’s SOL, XRP, and dogecoin all experiencing notable gains.
This time, the price movement is not solely driven by momentum; traders indicate that the market structure is evolving under increasing institutional influence.
“This isn’t a frenzied boom with no foundation,” stated Seamus Rocca, CEO of Xapo Bank. “It’s a measured increase, supported by significant institutional players focused on the long-term.”
Rocca underscored that tight monetary policies and geopolitical uncertainties are strengthening Bitcoin’s status as a macro hedge, adding that “the momentum seen over the last 48 hours is clear. Bitcoin is not just increasing in value but also establishing itself as a legitimate asset class that competes with traditional finance.”
Ethereum, which has risen over 17% this week and briefly crossed the $3,000 mark, stands as a primary beneficiary. “In Q2, corporate treasury acquisitions of BTC exceeded inflows into spot ETFs,” noted the analytics team at Bitcoin yield protocol TeraHash.
“This indicates strategic positioning. Simultaneously, custodians like Anchorage and Fidelity are enhancing institutional pipelines, while OTC desks are narrowing spreads.”
Solana, trading around $163, climbed over 11% this week amid renewed demand in retail and memecoin markets. The chain continues to serve as a high-beta proxy for risk-on sentiment. XRP, on the other hand, surged 25%, benefitting from both a technical breakout and increased speculation regarding regulatory resolution.
“While price action might attract attention,” TeraHash added, “the true breakthrough this summer is structural.”
The altcoin movement is widespread. Dogecoin has rallied 23% over the last week, spurred by heightened retail interest through platforms like Robinhood and Binance. XRP volumes have spiked on Korean exchanges, while Cardano, TRX, and AVAX are all firmly in the green.
Meanwhile, Bitpanda Deputy CEO Lukas Enzersdorfer-Konrad mentioned that “significant Bitcoin rallies often precede notable movements in altcoins, albeit with a slight delay — and a resurgence of meme coins cannot be discounted either.”
However, not everyone anticipates a straightforward upward trend.
“Despite briefly reaching this crucial milestone, BTC remains below a major resistance level,” noted Ruslan Lienkha, Chief of Markets at YouHodler, in an email.
“A decisive breakout and sustained move above this level could trigger a sharp upward rally, possibly aiming for the $130,000 range,” Lienkha added.
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