The cryptocurrency market experienced a significant week, highlighted by bitcoin surpassing $123,000 on July 14, followed by a surge in altcoins, particularly ethereum, which saw double-digit gains. XRP also performed well, peaking at $3.66.
Cryptocurrency Market Enjoys Milestone Week
The cryptocurrency market once again had a milestone-setting week that started with bitcoin ( BTC) breaching the $123,000 mark on July 14. This was followed by what seemed like the start of an altcoin season, as many top tokens, including ethereum ( ETH) recorded double-digit gains. XRP then capped off the memorable week by surging to $3.66, surpassing an all-time high of $3.40 set about eight years ago.
Source: Coingecko.
Beyond the immediate catalysts that buoyed the broader cryptocurrency market, a landmark shift in the regulatory landscape has ignited unprecedented optimism. The U.S. House of Representatives’ passage of three pivotal digital asset-related bills heralded a new era for the industry and fueled palpable excitement among crypto users.
This legislative momentum was reinforced by U.S. President Donald Trump’s subsequent signing into law of the GENIUS Act on July 18. This step not only solidifies a deepening commitment to regulatory clarity but also casts a clear beacon toward a future of accelerated growth and mainstream integration for the digital asset space.
Meanwhile, as Coingecko data shows, BTC sharply declined immediately after setting a new peak, dropping under $116,500 before settling above $117,000. However, instead of dragging the rest of the crypto market with it, BTC’s plunge appeared to kickstart a rally for ETH that ended with it trading around $3,500 after starting just under $3,000. In fact, ETH briefly traded above $3,660 on July 18, its highest since Jan. 7, before reversing some of the gains the next day. Despite this, ETH still ended the week 21.6% higher.
XRP, which initially trailed ETH, ultimately ended the week as among the top-performing altcoins after seeing its USD value rise by over 27% from approximately $2.71 to close at $3.45 (July 19, 2.45 p.m. EST). Since reaching its new all-time high, the number three digital asset remains poised to challenge higher levels in the coming days.
Like XRP and ETH, most top 20 digital assets by market capitalization registered significant gains, with HBAR being the top gainer with 38.5%, followed by DOGE (25.2%) and XLM (23.1%). Overall, CROSS was the biggest gainer in the seven-day period with 173.7%, followed by MCADE with 141.7% and TIG with 138.5%.
During the week, only two top 20 digital assets saw their values drop: HYPE and BCH, which fell by 1.8% and 0.2%, respectively. Other notable losers include LEO (0.9%), WBT (4.8%), and PI (4.4%). However, the title of the biggest loser of the week went to BANANAS31, which plunged 53.7%, followed by FMC (45.7%) and M (40.4%).
