Bitcoin (BTC) extended its breakout to a new all-time high of $122,000 on Monday, triggering a broad crypto rally as ETF inflows, short liquidations, and policy optimism from Washington continued to buoy a bullish mood.
Ether (ETH) broke through $3,000, supported by $383 million in ETF inflows on Friday. Majors tokens have surged in the past week amid BTC’s strength.
XRP (XRP) trading near $2.95, up 30% on a weekly basis, Solana’s SOL reclaiming the $167 level, and dogecoin (DOGE) jumping over 20%, fueled by retail rotations and memecoin chatter.
This mirrors patterns observed in previous cycles, where a BTC rally acts as a liquidity unlock for the broader market. If macroeconomic conditions hold and bitcoin stabilizes above $ 120,000, further upside in large-cap altcoins appears likely in the coming weeks, traders opine.
With the U.S. kicking off “Crypto Week” in Congress, a series of hearings aimed at making America the “crypto capital of the world,” traders are positioning for legislative tailwinds.
“Crypto prices benefited from the major melt-up fervor with BTC trading up to the high $118K area, liquidating over $1 billion in shorts,” said Augustine Fan, Head of Insights at SignalPlus, in a Telegram message.
“Market sentiment is likely to stay frothy into the summer, with the only real risk catalyst being a complete breakdown of tariff negotiations, but the ball is sitting with the President on how aggressive he wants to push his current hand,” Fan added.
Strong on-chain support at $109,000, along with cross-asset flows from equities into digital assets, is giving bulls more confidence. As Eugene Cheung, CCO at OSL, put it: “The trend remains bullish. We could see Bitcoin test $130K–$150K by year-end if macro winds cooperate.”
Meanwhile, equity-index futures in the U.S. and Europe retreated early Monday after Trump announced a 30% tariff on goods from the European Union and Mexico, escalating trade tensions that had already rattled Brazil, Algeria, and Canada last week.
S&P 500 contracts fell 0.4%, while Europe’s Stoxx 600 futures dropped 0.6% as of Asian morning hours. Silver gained to trade near levels last seen in 2011, suggesting broader market interest in hard assets.
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