This article discusses the increasing popularity of altcoins against the backdrop of Bitcoin's ongoing difficulties in surpassing the $120,000 resistance level.
Bitcoin's Situation
Bitcoin continues to face significant resistance at the $120,000 mark, creating uncertainty among investors. Despite multiple attempts to rise higher, the asset remains within the $115,600 to $119,500 range with no clear momentum. Analyst Michaël van de Poppe notes that repeated failures to break past $119,500 indicate market hesitation.
Increased Interest in Altcoins
With Bitcoin's challenges, altcoins are becoming increasingly attractive to traders. According to Ether Wizz, open interest in key altcoins like ETH and XRP surged to $45 billion since the beginning of July, marking an all-time high. This surge reflects growing interest and trading activity in altcoins. "Altcoins are going crazy right now, and it’s not just hype," stated Ether Wizz.
Legislation and the Cryptocurrency Market
Bitcoin's dominance is visibly declining, especially in the second half of July, as traders redirect capital towards alternative assets with higher gains. One driving factor behind this shift is the new crypto bill signed by President Donald Trump, which paves the way for new regulations on digital assets and stimulates institutional participation in the market.
In the current landscape, Bitcoin continues to face challenges while altcoins gain traction. New legislative initiatives and increasing trading volumes may continue to affect cryptocurrency market dynamics.
