Cryptocurrency Market Sees Altcoin Surge as Bitcoin Plateaus Near $120,000

By Omkar Godbole (All times ET unless indicated otherwise) The price of Bitcoin (BTC) remained relatively stable at around $120,000, struggling to gain momentum after a weekend rebound that saw consistent buying interest at the $117,000 level. In contrast, other digital tokens experienced a more significant increase, with the CD20 Index, which tracks approximately 80% of the digital asset market, rising by 2% over a 24-hour period, while the CD80 Index saw a 4% increase, highlighting the relative strength of alternative cryptocurrencies. Data from Glassnode indicates that investors are buying into Bitcoin's dips around the $117,000 level, with 73,000 BTC now being held at this price point. According to Glassnode, "Each price drop is being absorbed by investors who are steadily accumulating in this range." For those looking to participate in the current upward trend, an analyst recommends ideal entry points either above the $120,000 resistance level after a clean breakout or near the previous resistance level that has turned into support at around $111,600, which aligns with the high in May. Demand from corporations for major cryptocurrencies shows no signs of slowing down. On Monday, Metaplanet announced the purchase of an additional 780 BTC at an average price exceeding $118,000, bringing its total holdings to 17,132 BTC, valued at approximately $2 billion. Similarly, SharpLink Gaming, the second-largest corporate holder of Ether (ETH), expanded its reserves by an additional 77,210 ETH, worth $295 million. According to Ultra Sound Money, this acquisition significantly exceeded Ether's 30-day net issuance of 72,795 ETH, suggesting strong underlying demand. However, the recent rally in Ether lacks support from on-chain data, with active addresses and other usage metrics failing to keep pace with the price surge. In other altcoin news, Aptos, a layer-1 proof-of-stake blockchain, surpassed Solana to become the third-largest chain by total value of real-world assets (RWA) on its network, now trailing only zkSync and Ethereum. The Ethena Foundation reportedly acquired 83 million ENA tokens between July 22 and July 25 through a third-party market maker as part of its buyback program. Meanwhile, blockchain analyst Lookonchain reported a significant whale transaction involving the exchange of 1.75 million FARTCOIN for 790.4 million PUMP. Looking ahead, traders are eagerly awaiting the release of the White House's digital asset report on July 30, anticipating it could be a significant catalyst for cryptocurrency markets. On the macroeconomic front, reports of a potential 90-day extension to the pause in U.S.-China tariffs and the announcement of the U.S.-EU trade deal failed to spark significant gains in risk-sensitive currencies, such as the Australian dollar, or U.S. stock index futures, indicating cautious global market sentiment. Stay alert! Key Events to Watch Token Events Conferences The CoinDesk Policy & Regulation conference, a one-day boutique event in Washington on September 10, allows general counsels, compliance officers, and regulatory executives to meet with public officials responsible for crypto legislation and regulatory oversight. Space is limited; use code CDB10 for 10% off your registration through August 31. Token Talk By Shaurya Malwa Derivatives Positioning Market Movements Bitcoin Statistics Technical Analysis Crypto Equities ETF Flows Spot BTC ETFs Spot ETH ETFs Source: Farside Investors Overnight Flows Chart of the Day While You Were Sleeping In the Ether