Bitcoin’s rally to $120,000 this week has sparked a broader breakout across major crypto assets, with ether (ETH), Solana’s SOL, XRP, and dogecoin (DOGE) all posting high single-digit percentage gains.
However, this time, price action isn’t just about momentum, as traders claim that market structure is evolving under the weight of institutional influence.
“This isn’t a frenzied boom with no foundation,” said Seamus Rocca, CEO of Xapo Bank. “It’s a measured ascent, backed up by large institutional players with the long-term in mind.”
Rocca pointed to tight monetary policy and geopolitical volatility as reinforcing Bitcoin’s emerging role as a macro hedge, adding that “the momentum we’ve seen over the last 48 hours is clear. Bitcoin isn’t just growing in value, but also as a genuine asset class that is rivalling traditional finance.”
Ethereum, up over 17% on the week and briefly crossed $3,000, remains a primary beneficiary. “In Q2, corporate treasury purchases of BTC outpaced inflows into spot ETFs,” said the analytics team at Bitcoin yield protocol TeraHash in a note to CoinDesk.
“That points to strategic positioning. At the same time, custodians like Anchorage and Fidelity are scaling institutional pipelines, while OTC desks are tightening spreads.”
Solana, now trading around $163, gained over 11% on the week amid renewed demand across retail and memecoin ecosystems. The chain continues to act as a high-beta proxy for risk-on sentiment. XRP, meanwhile, jumped 25%, benefiting from both a technical breakout and rising speculation around regulatory resolution.
“Price action may grab the spotlight,” TeraHash added, “but the real breakthrough this summer is structural.”
The altcoin move is broad-based. Dogecoin has rallied 23% over the past week, driven by increased retail participation through platforms like Robinhood and Binance. XRP volumes have spiked on Korean exchanges, while Cardano, TRX, and AVAX are all trading firmly in the green.
Meanwhile, Bitpanda Deputy CEO Lukas Enzersdorfer-Konrad said that “strong bitcoin rallies are often followed by significant movements in altcoins with a slight delay — and a potential comeback of meme coins can’t be ruled out either.”
But not everyone sees a straight line up.
“Despite briefly touching this key milestone, BTC remains below a major resistance zone,” said Ruslan Lienkha, Chief of Markets at YouHodler, said in an email.
“A decisive breakout and sustained move above this level could trigger a sharp upward rally, potentially targeting the $130,000 range,” Lienkha added.