Bitcoin Steady Near All-Time Highs as Ether Rallies

Bitcoin continues to maintain its strength just below all-time highs, trading around $118,500, while Ethereum (ETH) is extending its rally well past $3,700. As bullish sentiment permeates the crypto markets, questions emerge about whether this momentum will spill into the altcoin sector. 

Analysts agree the current cycle is largely driven by institutional adoption—but the bigger question is whether this surge will broaden into a full-blown altcoin season.

According to recent reports from The Block, institutional treasury integrations of Bitcoin and Ethereum are helping both cryptocurrencies remain buoyant. 

Ethereum is even outpacing Bitcoin in some respects, thanks to massive inflows into spot ETH ETFs, surpassing BTC on certain days.

Read Also: Bitcoin Hits a New All-Time High: What's Next?

Key Takeaways

• Bitcoin remains stable near $118,500, hovering close to its all-time high.
• Ethereum continues its rally, recently surpassing $3,770, driven by record-breaking inflows into spot ETH ETFs.
• Institutional adoption is powering the current cycle, with both BTC and ETH being added to corporate treasuries.
• Bitcoin dominance is falling, down 6.37% over the past month, signaling early signs of altcoin strength.
• Analysts are divided on whether this marks the start of a full altcoin season or if large-cap coins will continue to dominate.

Bitcoin Price Holds Near Historic Highs

Bitcoin's resilience around $118,500 reflects continued confidence in the digital asset. According to Min Jung, a research analyst at Presto Research, this rally is “institution-led,” indicating a more stable and less speculative market dynamic. Jung emphasized that many of these institutional buyers are not likely to sell off quickly, which provides a foundation for sustained price strength.

That said, the presence of long-dormant wallets taking profits introduces short-term volatility. As Bitcoin approaches new highs, some early holders are seizing the opportunity to cash in, adding minor resistance to upward movement.

Ethereum Rally Fueled by Spot ETFs and Treasury Demand

While Bitcoin is holding steady, Ethereum is clearly surging. ETH recently reached $3,772, marking an impressive 3.96% gain in 24 hours. Analysts attribute this to increased institutional interest, specifically through spot Ethereum ETFs, which have logged record-breaking net inflows, sometimes outperforming Bitcoin ETFs on the same days.

More public companies are also beginning to incorporate Ethereum into their treasuries. According to analysts, this is an encouraging signal that ETH is gaining recognition not just as a tech platform, but also as a financial reserve asset similar to BTC.

Read Also: How High Ethereum Price Forecast on 2026?

Is Altcoin Season Starting?

The possibility of an upcoming altcoin season is gaining attention, though analysts remain cautiously optimistic. One early signal is the decline in Bitcoin dominance, now sitting at 61%, which reflects a shift in market share toward Ethereum and other altcoins.

Jung noted that while there are “early signs” of an altcoin breakout, most of the current price activity is still concentrated in large-cap coins, sometimes referred to as “Dino coins” like BTC, ETH, XRP, and BNB. Whether this bullishness will extend to mid- and small-cap altcoins is still uncertain.

So far, XRP, BNB, and Solana have all posted modest gains of over 2%, with broader gains visible across most of the top 100 altcoins.

Broader Market Trends and Catalysts

Nick Ruck, research director at LVRG, suggested the institutional momentum might continue as traditional finance (TradFi) firms integrate more with DeFi, particularly through real-world asset (RWA) tokens and stablecoins.

He believes global regulatory clarity is contributing to this positive trend. With more governments embracing crypto regulations rather than restricting them, major financial players feel safer allocating funds to digital assets.

In the meantime, macroeconomic indicators such as U.S. jobless claims and PMI data are being closely watched. These will likely influence Federal Reserve interest rate decisions in its next meeting on July 30. A dovish stance or rate cut from the Fed could act as a tailwind for further crypto price growth, as risk assets often benefit from looser monetary policy.

What to Expect Next?

If institutional accumulation continues and economic data supports a favorable monetary environment, Bitcoin could aim for a new all-time high, while Ethereum may further outpace other assets thanks to ETF-driven demand.

For the altcoin market, much hinges on Bitcoin’s next move. If BTC stabilizes or corrects modestly while ETH remains strong, we could see capital rotation into more speculative assets. This would officially kick off the next altcoin season, often characterized by triple-digit gains in smaller cap coins.

Read Also: Has the Altcoin Season Started? Looking at the Altcoin Index

Final Thoughts

Bitcoin and Ethereum are displaying remarkable strength amid the current bull cycle, with institutions leading the charge. Ethereum’s growth, particularly through ETF inflows and treasury inclusion, suggests that it could become a cornerstone asset alongside Bitcoin in institutional portfolios.

While signs of an altcoin season are emerging, it's too early to confirm a broad market breakout. Traders and investors should continue watching Bitcoin dominance, ETH momentum, and capital flows into mid-cap tokens to determine whether the rally will expand beyond the current large-cap dominance.

For now, the market remains fundamentally strong—but caution is warranted as volatility can quickly return, especially during periods of macroeconomic uncertainty.

FAQs

Why is Bitcoin holding steady near its all-time high?

Bitcoin remains stable due to strong institutional buying, especially from firms incorporating BTC into their treasuries. This demand is helping keep prices elevated.

What’s driving Ethereum’s price rally?

Ethereum's price surge is largely driven by record inflows into spot ETH ETFs and increased adoption by public companies holding ETH as a treasury asset.

Are we entering a new altcoin season?

There are early signs of an altcoin season, such as falling Bitcoin dominance and rising prices in ETH and select altcoins. However, it’s too soon to confirm a broad altcoin breakout.

How do macroeconomic factors influence crypto?

Data like jobless claims and PMI influence the Federal Reserve’s interest rate decisions. Rate cuts or dovish stances generally support risk assets like crypto.

What should investors watch next?

Investors should monitor Bitcoin’s price movement, Ethereum’s ETF activity, Bitcoin dominance, and macroeconomic indicators to anticipate the next phase of the crypto cycle.