Bitcoin steady near $118,500, ether extends above $3,700; analyst says broader alt season ‘uncertain’

Bitcoin remained steady around $118,500 while ether and other major altcoins continued their rally in a cycle that could potentially usher in the next altcoin season.

According to The Block’s crypto price page, the world’s largest cryptocurrency edged up 0.35% in the 24 hours leading up to 11:10 p.m. on Sunday, trading at $118,478. Ether, on the other hand, gained 3.96% to $3,761.

“Bitcoin continues to hover near its all-time highs, supported by sustained institutional demand, particularly from crypto treasury firms,” said Min Jung, Research Analyst at Presto Research. “Given the nature of these buyers, it seems unlikely that they will become aggressive sellers in the near term. That said, we are starting to see older wallets take profit as price breaks above previous highs, which may introduce some short-term volatility.”

Jung said ether’s price also benefits from institutional momentum, with an increasing number of public firms starting to incorporate ETH into their treasuries. Spot ETH exchange-traded funds reported record-breaking net inflows recently, higher than BTC ETFs on the same respective days.

“The key question now is whether this momentum can be sustained after such a strong run last week,” Jung said. 

The crypto analyst said the market is showing early signs of an altcoin season, including a decline in bitcoin dominance amid a steady BTC price and rising ETH. Bitcoin dominance currently stands at 61%, down 6.37% in the past month, according to TradingView data.

XRP, BNB and Solana saw modest gains of over 2%, with most other altcoins also posting gains. XRP renewed its all-time high record last week following a rally boosted by advancements of crypto legislation in the U.S.

“While we’re beginning to see some [signals,] the current rally is largely institution-driven, so it remains uncertain whether this strength will extend beyond large-cap ‘Dino coins’ to the broader altcoin market,” Jung said.

LVRG Research Director Nick Ruck also attributed the ongoing bull cycle to the growing trend of corporate treasuries including ether and few major altcoins, alongside moves among traditional finance firms to integrate further with DeFi via RWA tokens and stablecoins.

“We’re optimistic this trend will continue to grow as the crypto industry sees more regulatory support around the world,” Ruck said.

Meanwhile, traders are eyeing key U.S. macroeconomic data this week, including initial jobless claims and the purchasing managers’ index (PMI) releases for the services and manufacturing sectors. These indicators reflect the country’s economic health, which affects the Federal Reserve’s interest rate decisions.

Market analysts previously said bitcoin and the broader crypto market could see further price upside if the Fed signals a rate cut. The CMEGroup’s FedWatch Tool currently indicates a 95.3% chance that the U.S. central bank would maintain the current interest rate of 4.25-50% in its upcoming meeting on July 30.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.