Market Recap: Bitcoin Steady Above $118K, Altcoins Show Strength
Bitcoin (BTC) traded at 118,000 USDT (+0.28%) on July 20, consolidating after reaching an all-time high of $123,000 earlier in the week. Analysts suggest this sideways movement indicates healthy profit-taking before potential new upward momentum.
Ethereum Outperforms With 2.6% Gain
Ethereum (ETH) surged to $3,600.46 (+2.59%), continuing its strong July performance. The rally comes as developers finalize details for the upcoming Pectra upgrade expected in Q4 2025.
Read more: Bitcoin vs Ethereum: Which is Better for Investment?
XRP Leads 2024 Gains With 19.48% Rally
XRP traded at $2.77 as ETF speculation drove $120 million in weekly trading volume. “The market is pricing in a 60% chance of spot XRP ETF approval by year-end,” noted Cryptomus analysts.
Regulatory Earthquake: GENIUS Act Becomes Law
President Trump signed the GENIUS Act, establishing strict reserve requirements for stablecoin issuers. Starting August 2025, companies must: Maintain 1:1 liquid asset backingPublish monthly reserve auditsObtain state or federal charters
Read more: USDC: A safe crypto investment in a volatile market?
On-Chain Alert: Whale Activity Spikes
Glassnode reports 12,000 BTC moving to exchanges this week – the highest since March 2025. “This could signal both institutional accumulation and potential sell pressure,” cautioned their research team.
