Bitcoin's Resilience in the Cryptocurrency Market

Bitcoin continued to demonstrate remarkable resilience in cryptocurrency markets, maintaining its position above the $118,000 threshold on Thursday. At 1:55 pm IST, Bitcoin was trading marginally higher by 0.1% at $118,246. While Bitcoin appeared to enter a phase of consolidation, Ethereum emerged as a leader in the altcoin sector, recording an impressive 8.8% jump to $3,441 and fueling bullish sentiment across the broader crypto market.

 

Altcoins Join the Rallies

In addition to Ethereum, several major altcoins posted robust gains. Solana increased by 5.6%, Dogecoin rose by 7%, BNB advanced by 4%, and Shiba Inu saw a surge of 5.2%. Other altcoins like Chainlink, Tron, Avalanche, and Stellar also traded positively, climbing by 1% to 4%. According to Vikram Subburaj, CEO of Giottus, "Altcoins are gaining momentum, with Ethereum breaching the key $3,300 level. XRP, BNB, and Solana advanced 4-5%, reflecting a seasonal shift from Bitcoin into alts." Subburaj also pointed out that while Bitcoin is currently range-bound below the $120,000 mark amid aggressive profit-taking, strong support between $116,000 and $118,000 suggests robust long-term conviction among holders.

 

Positive Outlook from Experts

The CoinDCX research team echoed a positive outlook, indicating that "while Bitcoin faces some upward pressure, Ethereum displays strength as it sustains above the $3,300 range." Furthermore, the firm highlighted that tokens such as FLOKI (up 26%), Curve DAO (up 16.2%), and BONK (up 14.6%) were among the top performers, reflecting an expanding investor interest beyond Bitcoin. On-chain data has shown that realized profit from exchange-bound Bitcoin reached a record $9.3 billion, suggesting increased selling activity near resistance levels. However, analysts believe this trend to be part of a healthy consolidation phase rather than an indication of market reversal.

 

Regulatory Developments and Market Optimism

Regulatory developments in the United States added a layer of optimism to the market. Shivam Thakral, CEO of BuyUcoin, attributed Bitcoin's rally past $118,000 to the "euphoria around the regulatory push in the US," referring to President Trump's support for the Genius Act, which seeks to introduce stablecoin regulation. Srinivas L, CEO of 9Point Capital, maintained a bullish medium-term perspective, noting strong ETF inflows and favorable macroeconomic conditions. "As BTC consolidates near highs, we maintain our bullish view with a medium-term target of $127K intact," he stated.

 

Future Prospects: Bitcoin and Beyond

As Bitcoin dominance faces pressure and capital continues to rotate into altcoins, traders are keenly observing whether Bitcoin can decisively reclaim the $120,000 level. Meanwhile, Ethereum's strong momentum and the surge in meme coins suggest that broader market enthusiasm remains undeterred—for now.

 

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times)