Bitcoin Eyes $130K While Price Action in Major Cryptos Hints at Changing Market Dynamics

Dogecoin has jumped 23% over the past week, fueled by a spike in retail trading activity on platforms like Robinhood and Binance. At the same time, XRP has seen surging volumes on Korean exchanges, while Cardano, TRX, and AVAX are all trading firmly in positive territory.

Bitcoin’s climb to $120,000 this week has triggered a broader rally across the crypto market, lifting major assets like ether (ETH), Solana’s SOL, XRP, and Dogecoin to high single-digit percentage gains.

Yet traders say this rally differs from previous frenzies, pointing to a shift in market structure driven by institutional players stepping deeper into the space.

“This isn’t a frenzied boom with no foundation,” said Seamus Rocca, CEO of Xapo Bank. “It’s a measured ascent, supported by significant institutional involvement focused on the long term.”

Rocca highlighted tight monetary policies and global geopolitical uncertainty as factors strengthening Bitcoin’s appeal as a macro hedge. “The momentum over the last 48 hours has been clear,” he said. “Bitcoin isn’t just rising in value—it’s evolving into a genuine asset class that’s starting to challenge traditional finance.”

Ethereum has also stood out, gaining over 17% on the week and briefly crossing above $3,000. “In Q2, corporate treasury purchases of BTC exceeded inflows into spot ETFs,” noted the analytics team at Bitcoin yield protocol TeraHash in a note to CoinDesk.

“That indicates strategic positioning. Meanwhile, institutional custodians like Anchorage and Fidelity are expanding their infrastructure, and OTC desks are narrowing spreads,” TeraHash added.

Solana has climbed over 11% this week to around $163, amid growing demand from retail investors and memecoin traders. The network continues to act as a high-beta proxy for risk appetite in the crypto markets. XRP, meanwhile, has surged 25%, propelled by technical breakouts and speculation over regulatory developments.

“Price action may steal the spotlight,” TeraHash concluded, “but the real story this summer is structural.”

The altcoin rally has been widespread. Dogecoin’s 23% weekly gain underscores renewed retail enthusiasm, while XRP volumes remain elevated on Asian exchanges. Cardano, TRX, and AVAX are all posting strong gains.

Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, noted that Bitcoin rallies often precede substantial altcoin moves, although sometimes with a slight delay. “And we can’t rule out a potential comeback for meme coins either,” he said.

Still, some caution remains in the market.

“Even though Bitcoin briefly touched this key milestone, it’s still trading below a significant resistance zone,” said Ruslan Lienkha, Chief of Markets at YouHodler, in an email.

“A clear breakout and sustained move above this level could unleash a strong rally, potentially targeting the $130,000 range,” Lienkha added.