Dogecoin has surged 23% over the past week, spurred by a renewed wave of retail trading on platforms like Robinhood and Binance. Meanwhile, XRP trading volumes have soared on Korean exchanges, and other major altcoins—including Cardano, TRX, and AVAX—are firmly in positive territory.
Bitcoin’s rally to $120,000 this week has ignited broader momentum across the crypto markets. Major coins such as Ethereum (ETH), Solana (SOL), XRP, and Dogecoin have all registered solid single-digit gains, signaling widespread bullish sentiment.
Yet traders and analysts emphasize that this rally differs from past speculative manias. They argue that market dynamics are shifting as institutional capital plays an increasingly prominent role.
“This isn’t a chaotic surge with no fundamentals behind it,” said Seamus Rocca, CEO of Xapo Bank. “We’re witnessing a calculated climb, driven by significant institutional players who are focused on long-term value.”
Rocca pointed to tight monetary conditions and geopolitical uncertainty as factors bolstering Bitcoin’s growing reputation as a macro hedge. “The momentum we’ve seen over the past 48 hours is undeniable,” he said. “Bitcoin is evolving beyond just price appreciation—it’s emerging as a bona fide asset class capable of rivaling traditional finance.”
Ethereum has been one of the standout performers, climbing over 17% this week and briefly surpassing the $3,000 mark. According to a note from the analytics team at Bitcoin yield protocol TeraHash, corporate treasury allocations for BTC in Q2 exceeded flows into spot ETFs—a sign of strategic accumulation.
“This is deliberate positioning,” TeraHash noted. “At the same time, major custodians like Anchorage and Fidelity are expanding services for institutional clients, while OTC desks are narrowing spreads, further maturing the market.”
Solana, currently trading around $163, has gained more than 11% this week, driven by renewed interest from retail traders and the memecoin sector. The network continues to act as a high-beta indicator of risk appetite in crypto markets. Meanwhile, XRP has soared 25%, lifted by technical breakouts and hopes for regulatory clarity.
“While price swings capture the headlines,” TeraHash added, “the real story this summer is the evolving market structure.”
The strength in altcoins has been broad-based. Dogecoin’s 23% weekly rally reflects heightened retail enthusiasm, while XRP volumes remain high across Asian trading platforms. Cardano, TRX, and AVAX are also maintaining firm gains.
Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, noted that strong Bitcoin rallies often precede significant moves in altcoins, sometimes with a brief lag. “We could even see a resurgence of meme coins given the current environment,” he said.
However, not everyone is convinced the path higher will be smooth.
“Although Bitcoin briefly touched this key milestone, it still sits below major resistance,” said Ruslan Lienkha, Chief of Markets at YouHodler. “A decisive breakout and sustained move above this zone could open the door for a sharp rally, potentially aiming for the $130,000 level.”
