- Altcoins surge as Bitcoin struggles to break $120,000 resistance level.
- Ethereum trading volume surpasses Bitcoin for first time since 2022.
- New crypto law signed by Trump boosts investor market confidence.
Bitcoin continues to face intense resistance below the $120,000 mark, creating growing uncertainty among investors. Despite several attempts to break higher, the asset remains confined between $115,600 and $119,500, with no clear momentum in sight.
According to analyst Michaël van de Poppe, the repeated failure to move past $119,500 indicates hesitation in the market. Breaking up of this level will possibly create grounds for a bullish momentum, but price action currently will indicate declining confidence.
The crucial support level is at $115,600, and its breach will allow Bitcoin to descend further to the range of $110,000 to $112,000. Liquidity is highly dependent on this range, and therefore, it is probable that volume accumulation or sudden volatility will occur at this range, thus impacting the rest of the market.
Source: Michaël van de Poppe
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With Bitcoin’s troubles, altcoins are increasingly popular. As Ether Wizz reports, open interest in key altcoins like ETH and XRP has jumped to $45 billion since the beginning of July. This is an all-time high and is indicative of the growing leverage and trading on altcoins.
The number of trades made in perpetual Bitcoin has been surpassed by Ethereum for the first time since 2022. This shift also indicates increasing interest in altcoins on the market, particularly in growing areas such as artificial intelligence tokens, meme coins, and decentralized finance.
Cost basis statistics show that the Ethereum owners are holding firm above $2,400, which shows that they believe in the asset’s long-term value. That should be seen as confidence but also as exposure to greater pullbacks in the event that the market turns.
Altcoins Seize Momentum as Bitcoin Dominance Fades
CryptoRank data confirms Bitcoin’s dominance is weakening despite its stable price action. The trend became more visible in the second half of July, as traders directed capital toward alternative assets showing higher gains.
One key driving force in this transition is the new crypto bill signed by President Donald Trump. The legislation opens the door to new rules on digital assets and stimulates institutional participation and exuberance in the market.
Source: CryptoRank
Bitcoin is trapped in a narrow range, and altcoins have assumed the lead, with market participants focusing primarily on them. Their brisk ‘profiting-up’ and increasing scale now render them the mainspring of short-term profiteers in momentum.
While Bitcoin remains locked below $120,000, altcoins are capturing trader interest through explosive performance. The change in focus is fast-moving through the crypto market due to the increased leverage, increasing volume, and legal clarity.
Also Read: 75,000,000 XRP on Upbit Triggers Concern – Here’s What’s Happening
