Bitcoin Hits $122K All-Time High, Ignites Altcoin Rally as Crypto Week Begins in Washington

Bitcoin surged to a new record high of $122,000 on Monday, fueling a broad-based rally across the crypto market as enthusiasm grows over ETF inflows, large-scale short liquidations, and supportive policy signals from Washington.

One trading desk sees significant potential ahead, noting, “We could see Bitcoin test $130K–$150K by year-end if macro winds cooperate.”

Ethereum (ETH) crossed back above $3,000, buoyed by $383 million in ETF inflows recorded on Friday. Other major tokens have followed Bitcoin’s lead over the past week:

• XRP (XRP) is trading near $2.95, up 30% over the week.
• Solana’s SOL has reclaimed the $167 level.
• Dogecoin (DOGE) has jumped over 20%, driven by retail enthusiasm and renewed memecoin chatter.

This surge reflects a familiar pattern seen in past cycles, where Bitcoin rallies act as a catalyst, unlocking liquidity for the broader crypto market. Traders believe that if macroeconomic conditions remain stable and Bitcoin consolidates above $120,000, large-cap altcoins could see further upside in the coming weeks.

Attention this week is focused on “Crypto Week” in Congress, where lawmakers will hold multiple hearings aimed at establishing the U.S. as the “crypto capital of the world.” Many traders are positioning for potential legislative tailwinds that could further boost sentiment.

“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, via Telegram.

Fan added, “Market sentiment is likely to stay frothy into the summer, with the only real risk catalyst being a complete breakdown of tariff negotiations. The ball is in the President’s court regarding how aggressively he wants to play his hand.”

Robust on-chain support around $109,000, combined with cross-asset flows from equities into digital assets, is giving bulls additional confidence. Eugene Cheung, CCO at OSL, emphasized the positive trend, stating, “The trend remains bullish. We could see Bitcoin test $130K–$150K by year-end if macro winds cooperate.”

Meanwhile, traditional markets showed signs of strain early Monday. U.S. and European equity-index futures fell after former President Trump announced a 30% tariff on imports from the European Union and Mexico, stoking fresh trade tensions that have already rattled markets in Brazil, Algeria, and Canada.

• S&P 500 futures slipped 0.4%.
• Europe’s Stoxx 600 futures declined 0.6% during Asian trading hours.
• Silver prices climbed to levels last seen in 2011, signaling broader investor interest in hard assets amid growing macro uncertainty.