Crypto crosses US$4T as altcoins pick up speed

TLDR:

• Crypto crosses US$4T as altcoins pick up speed
• Capital rotation begins, BTC dominance dips
• ETF demand shows no signs of slowing
• Ethereum breaks out of its range
• Solana rallies to a two-month high
• XRP extends gains during ‘Crypto Week’

Another milestone down: the total crypto market cap surged past US$4T for the first time, before ending the week at US$3.84T. That puts it ahead of Microsoft’s market value, marking a symbolic moment for the industry.

The rally was driven by the US House passing the GENIUS Act, a bipartisan stablecoin bill that brings much-needed regulatory clarity to digital assets. That momentum outweighed inflation concerns and tariff uncertainty, lifting sentiment across the board.

Bitcoin briefly reclaimed US$120K, while Ethereum, Dogecoin, and XRP posted strong gains. With tier-one assets hitting fresh highs, the market may now shift into a period of healthy consolidation, starting with Bitcoin’s price structure.

The weekly trading stats as of Monday, July 21st at 10:00 AM AEST, based on data from TradingView in USD.

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Bitcoin holds the breakout

Bitcoin closed above US$117K and remains in a strong uptrend, with prices still trading above the 50-day (US$109K) and 200-day (US$97.8K) moving averages.

The RSI has rebounded to 65, indicating momentum is still positive but edging toward overbought levels. Meanwhile, the 4-hour chart shows price action flattening, with RSI hovering near neutral and volume tapering off. Key support sits between US$111K-US$115K, while holding above US$117K would help maintain short-term structure.

No major bearish signals yet, but the slowdown in volume suggests some caution around trend strength may be warranted.

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Capital rotation begins, BTC dominance dips

Bitcoin dominance dropped to 60.97%, down from over 66% in late June. The decline comes amid renewed interest in altcoins, led by XRP, Ethereum, and Solana. Historically, a drop in BTC dominance often signals a broader rotation across the market, a trend that can boost altcoin momentum but also heighten volatility. This shift is happening alongside a surge in institutional inflows, particularly into spot ETFs.

ETF demand shows no signs of slowing

Ethereum spot ETFs saw net inflows of US$2.18B for the week ending 18 July, lifting total assets under management (AUM) to US$18.37B. It’s the third straight week of rising flows, helping push ETH past US$3,700, up from under US$3,000 in late June.

Meanwhile, Bitcoin spot ETFs posted US$2.39B in net inflows, bringing total AUM to US$152.4B. While slightly below the previous week, it remains the third-largest weekly total on record.

The sustained inflows into both BTC and ETH spot ETFs point to growing institutional allocation and renewed confidence in the crypto market. The sharp rise in ETH inflows may reflect anticipation around upcoming Ethereum developments or a broader rebalancing of portfolios to increase ETH exposure.

With both BTC and ETH seeing strong institutional flows, attention has now shifted to the broader altcoin market.

Momentum builds beyond Bitcoin

Ethereum breaks out of its range

ETH pushed past US$3,730, breaking decisively from its June consolidation and trading well above key moving averages on both the 4-hour and daily charts. The RSI sits at 74 on the 4-hour and 85 on the daily but does not signal a reversal yet. Short-term support is holding around US$3,550, with the broader trend intact above US$3,300. Volume has picked up, confirming strong conviction behind the move. While momentum may cool slightly, Ethereum’s technical setup and record ETF inflows continue to draw institutional interest.

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Solana rallies to a two-month high

SOL surged to US$185, its highest level since May, marking an 86% rebound from this year’s low. The rally is being driven by a mix of institutional inflows and renewed on-chain activity. The REX-Osprey SOL + Staking ETF has quickly grown to US$99.7 million in AUM, offering staking rewards that appeal to yield-focused investors.

Meanwhile, meme coin activity on the Solana network is making a comeback, fuelling additional retail momentum. With solid price action and consistent ETF demand, Solana is gaining traction with both long-term allocators and speculative traders.

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XRP extends gains during 'Crypto Week'

Building on recent momentum, XRP continued its rally through 'Crypto Week', lifted by broader market strength and growing optimism around digital asset regulation. Political backing for the sector has bolstered sentiment, positioning XRP as a potential long-term beneficiary. While upcoming US Federal Reserve decisions could sway short-term price action, XRP remains in lockstep with the wider altcoin upswing.

As broader interest in altcoins grows, the question now turns to how long this momentum can hold.

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Closing thoughts

Markets are coming off a historic high, with the GENIUS Act providing a regulatory tailwind that helped push total crypto market cap above US$4 trillion. Strong ETF inflows continue to support Bitcoin and Ethereum, while declining BTC dominance points to growing interest in altcoins. As momentum cools, traders and investors should stay on top of macro trends, capital flows, and ecosystem developments in the days ahead.

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