Altcoins Pop as Bitcoin Stalls Near $120K: Crypto Daybook Americas
Bitcoin (BTC) traded near $120,000, consolidating after a weekend rebound fueled by buying pressure around $117,000. Altcoins outperformed Bitcoin, with the CD20 and CD80 indices rising 2% and 4%, respectively. Glassnode data indicates continued accumulation near $117,000, suggesting investor confidence. Analysts suggest potential entry points above $120,000 or near the $111,600 support level.
Corporate demand remains robust. Metaplanet acquired 780 BTC, increasing its holdings to 17,132 BTC (valued at ~$2 billion), while SharpLink Gaming added 77,210 ETH ($295 million), exceeding Ether’s 30-day net issuance. However, Ether’s price surge lacks on-chain support, raising concerns about sustainability.
Aptos surpassed Solana as the third-largest blockchain by total value locked in real-world assets (RWA), trailing only zkSync and Ethereum. The Ethena Foundation completed a buyback program, acquiring 83 million ENA tokens. A significant whale transaction involved exchanging 1.75 million FARTCOIN for 790.4 million PUMP.
The upcoming White House digital asset report (July 30) is anticipated as a market catalyst. Macroeconomic news, including potential U.S.-China tariff extensions and a U.S.-EU trade deal, had limited impact on risk assets, suggesting cautious market sentiment.
Upcoming events include Starknet’s mainnet launch (July 28), a webinar on Bitcoin as a reserve currency (July 31), Helium’s halving event (August 1), and Hong Kong’s Stablecoins Ordinance (August 1). The FTX distribution to creditors is scheduled for August 15. U.S.-China trade talks are underway, aiming to prevent tariff escalation. Key economic data releases include unemployment rates, JOLTS report, consumer confidence, and GDP data for both the U.S. and Mexico. The Bank of Canada and Federal Reserve will announce monetary policy decisions. New U.S. tariffs take effect on August 1.
Several tokens have upcoming unlock events and governance votes. Believe App’s API v2 enables crypto projects to build self-reinforcing tokenomics, triggering automated actions based on project events. High open interest in Bitcoin and Ether futures suggests significant price volatility. Market sentiment leans bullish, particularly for Ether.
