Bitcoin (BTC) dropped to $117,500 during Friday’s U.S. session, off about 0.6% over the past 24 hours. That’s a comedown from the $120K+ highs seen earlier in the week, and well below Monday’s near-$124K spike. Still, BTC is holding steady on the weekly chart, flat, not falling.

Bitcoin dropped to $117,500, a healthy pullback. Source: Bitcoin Liquid Index

Ether (ETH) briefly flirted with its 2025 high around $3,700 before dipping to $3,550. ETH price predictions are now targeting $8,000. XRP, meanwhile, hit a historic milestone, blasting through its 2018 record to a new all-time high of $3.60 before pulling back to $3.40. That’s still good for a 4% daily pop and a staggering 35% weekly gain. XRP price predictions are now targeting $10, as Ripple and XRP show immense strength and market confidence.

Other big movers included Dogecoin (DOGE), SUI, Cardano (ADA), Avalanche (AVAX), and Uniswap (UNI), all logging double-digit percentage gains while Bitcoin lagged. The market is clearly rotating into altcoins, always a late-stage bull signal, but this time, the data shows a different story.

Still No Signs of Froth

Coinbase, in its latest research note led by David Duong, argues this rally isn’t built on hype or YOLO sentiment. “This move is powered by structural strength and steady accumulation, not runaway speculation,” the report said.

Translation: we’re not in 2017 anymore. Derivatives markets aren’t flashing warning signs. Perp funding rates remain healthy. There’s no meme-stock-style leverage mania. Even Coinbase’s own perpetuals data shows calm, not chaos. Add in supportive macro conditions, looser global liquidity, steady ETF inflows, and corporate treasury interest, and you’ve got the makings of a rally with real muscle.

“Pullbacks may occur,” the Coinbase team wrote, “but we think current on-chain and market signals argue that bitcoin’s advance stands on solid ground rather than late-cycle euphoria.”

Bitcoin attracted the most trading on Coinbase, Source: Coinbase

Trump, the GENIUS, and the Bigger Picture

Fueling the earlier part of the rally was a rare bipartisan fever dream in D.C.: the GENIUS Act, a bill focused on regulating stablecoins. It’s now expected to land on Trump’s desk for signature, marking the first significant federal crypto legislation in U.S. history.

And while the law itself is stablecoin-specific, its symbolic weight is enormous. It tells investors, institutions, and pension funds: crypto is finally getting regulatory clarity. That’s a green light for long-term capital.

Also adding to the week’s bullish vibes: speculation that a second Trump administration could unlock retirement account access to crypto, another potential firehose of inflows.

What’s the Downside Risk?

There are always reasons to be cautious. The University of Michigan’s latest consumer sentiment survey showed Americans still feeling the economic pinch, 16% below December’s level. Inflation expectations are falling but still elevated: 4.4% expected over the next year, down from 5% last month.

So yes, macro risk is still in the room. But it’s shrinking.

This market isn’t raging with retail FOMO. It’s quietly stacking blocks. Bitcoin may be cooling, but ETH, XRP, and altcoins are charging forward. Coinbase sees the rally as resilient, not euphoric. And if regulatory tailwinds continue, the runway might just be longer than most think.

So buckle up. The crypto cycle may be entering a new phase, and this time, it looks like there’s adult supervision. If you don’t already own Bitcoin and crypto, now is a good time to ride the next wave to new heights.

 

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Filed under: Bitcoin - @ July 18, 2025 8:25 pm