Dogecoin has soared 23% over the past week, fueled by a surge in retail trading activity on platforms like Robinhood and Binance. Meanwhile, XRP has seen significant volume spikes on Korean exchanges, and other major altcoins—including Cardano, TRX, and AVAX—are firmly in the green.

Bitcoin’s rally to $120,000 this week has ignited a broader upswing across the crypto market. Ether (ETH), Solana’s SOL, XRP, and Dogecoin have all logged high single-digit percentage gains, underscoring the widespread bullish momentum.

However, traders emphasize that the current rally is different from previous euphoric surges. Market structure, they say, is evolving under increasing institutional influence.

“This isn’t a frenzied boom with no foundation,” noted Seamus Rocca, CEO of Xapo Bank. “It’s a measured ascent, backed by large institutional players with a long-term view.”

Rocca pointed to tight monetary policies and ongoing geopolitical uncertainty as factors bolstering Bitcoin’s role as a macro hedge. “The momentum we’ve witnessed over the past 48 hours is undeniable,” he said. “Bitcoin isn’t just gaining in value—it’s maturing into an asset class that’s starting to rival traditional finance.”

Ethereum has been one of the standout performers, climbing more than 17% this week and briefly crossing the $3,000 mark. “In Q2, corporate treasury purchases of BTC actually outpaced inflows into spot ETFs,” the analytics team at Bitcoin yield protocol TeraHash wrote in a note to CoinDesk.

“This suggests strategic positioning,” TeraHash added. “At the same time, custodians like Anchorage and Fidelity are expanding institutional pipelines, while OTC desks are tightening their spreads.”

Solana, now trading near $163, has gained over 11% this week, buoyed by strong demand from both retail traders and the memecoin ecosystem. The network continues to serve as a high-beta proxy for broader risk-on sentiment in the crypto market.

XRP has jumped 25%, driven by a combination of technical breakouts and speculation around a possible regulatory resolution.

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

The surge in altcoins has been broad-based. Dogecoin’s 23% weekly rally highlights renewed enthusiasm among retail traders, while XRP volumes remain elevated in Asian markets. Cardano, TRX, and AVAX are all trading solidly in positive territory.

Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, observed that strong rallies in bitcoin often pave the way for significant altcoin moves, albeit with a slight delay. “A potential comeback of meme coins can’t be ruled out either,” he added.

Yet, not everyone is convinced the path upward will be smooth.

“Despite briefly touching this key milestone, BTC remains below a major resistance zone,” said Ruslan Lienkha, Chief of Markets at YouHodler, in an email.

“A decisive breakout and sustained move above this level could trigger a sharp rally, potentially targeting the $130,000 range,” Lienkha noted.

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