Bitcoin Hits $119K as Crypto Market Roars Back, Altcoins Follow the Wave

The cryptocurrency market wrapped up the second week of July on a strong note, riding a bullish wave that pushed prices higher across the board.

While many digital assets enjoyed double-digit growth, Bitcoin stole the spotlight by setting a new all-time high (ATH) at “$118,856”, reaffirming its dominance as the leading digital asset.

Bitcoin began the week hovering around $108,000, with a brief dip to $106,000, but mid-week momentum caught many by surprise. A surge in large-scale purchases by institutional investors is believed to have sparked the rally, pushing BTC to its new historic high.

Companies such as Metaplanet, GameStop, and Semler Scientific joined long-term holders like Block Inc., Galaxy Digital Holdings, and Glassnode in acquiring significant BTC holdings.

This increased institutional confidence has had a ripple effect, encouraging smaller investors and boosting overall market sentiment.

Ethereum Breaks Past Doubts, Nears $3,000

Ethereum also made a strong showing, climbing 9% over the week and trading just shy of $3,000. This marks a remarkable turnaround for ETH, which was flirting with the $2,000 mark only weeks ago. The surge has been supported in part by news that BlackRock’s Ethereum ETF pulled in a record $300 million in inflows, boosting investor interest and validating Ethereum’s staying power in the market.

Altcoins and Memecoins Ride the Green Wave

It wasn’t just Bitcoin and Ethereum benefiting from bullish momentum. Altcoins across the board posted impressive gains:

• XRP up 24%
• Cardano up 27%
• Avalanche up 18%
• Sui and Chainlink are both up 18% and 17% respectively
• Stellar led the charge with a staggering 85% increase

Memecoins also got in on the action:

• Dogecoin rose by 20%
• Shiba Inu climbed 13%
• Pepecoin surged 24%

The Metaverse segment had an impressive week:

• The Sandbox is up 26%
• Decentraland up 22%
• Axie Infinity, Floki, Render, and ApeCoin posted gains between 10 and 18%

In the DeFi sector, the total value locked (TVL) in protocols jumped by $20 billion, bringing the total to approximately $126.2 billion, a strong sign of renewed trust in decentralized finance.

Economic Backdrop and Market Optimism

Analysts partly attribute the rally to the market’s positive reaction to new international economic tariffs imposed by the US administration. Rather than causing volatility, the crypto market responded with resilience, suggesting growing maturity among investors.

With the market cap swelling by $320 billion in just one week and sentiment remaining positive, crypto enthusiasts are hoping the uptrend holds. The past week may very well mark a turning point for 2025’s market narrative, setting a tone of confidence and long-term potential.