Bitcoin Breaks \$119 000 as Altcoins Surge in Broad Market Rally

Alex Morgan
July 13, 2025

“A broad-based rally saw Bitcoin surge past \$119K, fueled by renewed investor confidence and a sharp rotation into major altcoins.”
Price Rally Overview
Bitcoin climbed 1.4% over the past 24 hours to break above \$119 000, reversing a week of consolidation beneath key resistance. Spot trading volumes spiked across major venues, with Binance reporting a 15% uptick and Coinbase Pro seeing over \$48 billion in turnover as buyers stepped in aggressively.
On-chain data from Glassnode show a 6% jump in exchange deposits, suggesting renewed accumulation, while realized volatility ticked up to 18%. Technical indicators point to a breakout above the 21-day moving average, offering momentum for further gains.
Altcoin Leaders
Stellar (XLM) topped the charts with a 22% surge after announcing a new token burn mechanism. Hedera (HBAR) rallied 27% on news of expanded DeFi integrations, while Ethereum (ETH) and BNB both gained over 4% as traders rotated into established layer-1 tokens.
Mid-cap tokens also saw strong performance: Solana (+9%), Avalanche (+7%), and Polkadot (+5%) outperformed broader markets, highlighting market breadth in this rally.
Market Reaction & Sentiment
Derivatives desks recorded a shift in funding rates: Binance’s 8-hour funding turned positive at 0.03%, rewarding longs, while OKX rates climbed to 0.04%. Open interest rose by 12%, indicating increasing leverage on the upside.
Social sentiment metrics turned bullish: the Crypto Fear & Greed Index jumped to 65 (“Greed”) from 52 (“Neutral”), and Google Trends for “buy altcoins” hit a two-month high, underscoring growing retail interest.
Expert Insights
“The break above \$119K confirms that buyers remain in control,” says Emily Parker, Chief Strategist at Glassnode. “Seeing strong altcoin leadership suggests a rotation phase rather than a pure Bitcoin-driven rally.”
Arthur Hayes, former BitMEX CEO, adds: “Next resistance sits near \$120K–\$121K. If held, we could see a swift run toward \$125K, especially if macro data supports risk-on flows.”
What’s Next
Traders will eye upcoming U.S. CPI data scheduled for July 16, which could either reinforce the current rally or trigger profit-taking. A dovish surprise may fuel further upside, while hotter-than-expected inflation prints could cap gains.
For now, \$120K remains the key level to watch. A sustained break above could open the door to \$125K, while a retreat below \$117K may signal a return to consolidation.