Bitcoin remained resilient above the $118,000 mark on Thursday, with the world’s largest cryptocurrency trading 0.1% higher at $118,246 as of 1:55 pm IST. While Bitcoin showed signs of consolidation, Ethereum led the altcoin surge, jumping 8.8% to $3,441 and sparking broader bullish sentiment across the crypto market.

Meanwhile, major altcoins posted healthy gains, with Solana rising 5.6%, Dogecoin up 7%, BNB advancing 4%, and Shiba Inu surging 5.2%. Chainlink, Tron, Avalanche, and Stellar also traded in the green, climbing between 1% and 4%.

“Altcoins are gaining momentum, with Ethereum breaching the key $3,300 level. XRP, BNB and Solana advanced 4–5%, reflecting a seasonal shift from Bitcoin into alts,” said Vikram Subburaj, CEO of Giottus. He added that Bitcoin is currently rangebound below $120,000 amid aggressive profit-taking, but strong support between $116,000 and $118,000 suggests robust long-term conviction among holders.

The CoinDCX research team echoed the positive outlook, noting that “while Bitcoin faces some upward pressure, Ethereum displays strength as it sustains above the $3,300 range.” The firm added that tokens like FLOKI (up 26%), Curve DAO (up 16.2%), and BONK (up 14.6%) were among the top gainers, as investor interest broadened beyond Bitcoin.On-chain data indicates that realised profit from exchange-bound Bitcoin reached a record $9.3 billion, signalling increased selling activity near resistance levels. However, analysts suggest that this is part of a healthy consolidation phase rather than a reversal.

Regulatory developments in the US added to market optimism. Shivam Thakral, CEO of BuyUcoin, said Bitcoin’s rally past $118,000 came amid “euphoria around the regulatory push in the US,” referring to President Trump’s support for the Genius Act, which aims to introduce stablecoin regulation.Srinivas L, CEO of 9Point Capital, maintained a bullish medium-term view, pointing to strong ETF inflows and macroeconomic tailwinds. “As BTC consolidates near highs, we maintain our bullish view with a medium-term target of $127K intact,” he said.Also read: Trump’s World Liberty crypto tokens to become tradable

With Bitcoin dominance under pressure and capital rotating into altcoins, traders are watching closely to see if Bitcoin can decisively reclaim the $120,000 level. Meanwhile, Ethereum’s momentum and the surge in memecoins suggest that broader market enthusiasm remains intact—for now.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)