Bitcoin crosses $120K on US crypto bill boost; Dogecoin, Hedera rally over 15%
Bitcoin surged past the $120,000 mark on Friday, buoyed by growing optimism surrounding crypto regulation in the United States and continued institutional inflows. As of 12:49 pm IST, the world's largest cryptocurrency was trading 1.6% higher at $120,008, just shy of its intraday high of $120,999 and its all-time high near $123,000.
Ethereum followed with a sharp rally, gaining 6.4% to $3,639. Broader altcoin sentiment remained strong, with XRP jumping 12% to $3.50, Dogecoin soaring 15%, and Chainlink and Hedera gaining 12% and 17%, respectively. Solana, BNB, Tron, and Stellar also posted solid gains ranging between 3.6% and 6%.
Market enthusiasm was largely driven by news that the US House of Representatives passed the GENIUS Act—legislation focused on regulating stablecoins. The move is being seen as a landmark moment for the crypto industry, with the potential to pave the way for broader regulatory clarity and adoption."Bitcoin just smashed through $120,000, hitting $120,625 as crypto investors celebrate a huge win on Capitol Hill," said Shivam Thakral, CEO of BuyUcoin. "The House just passed the GENIUS Act, new rules for stablecoins that have Wall Street and crypto enthusiasts equally excited. This move is seen as a major milestone for crypto regulation and adoption in the United States."Vikram Subburaj, CEO of Giottus Crypto Platform, added that the bill's passage signals wider regulatory momentum. "While it particularly addresses stablecoins, it gives a wider stamp of approval for more favourable regulations that could be adopted globally. The altcoin market has rallied strongly with XRP and HBAR, two of the top US-based altcoins, gaining close to 20% each."
According to Sathvik Vishwanath, Co-Founder & CEO of Unocoin, Bitcoin is consolidating near key resistance levels, signalling underlying strength. 'Bitcoin is currently trading around $120,091, consolidating just below its all-time high near $123,000. A breakout above $123K could trigger a rally toward $130K,' he said.He added that price action is holding within a range of $117,715 to $120,999, with bulls defending the $118K–$120K support zone. 'This consolidation phase suggests strength. Institutional inflows via ETFs and recent U.S. regulatory support—like the GENIUS and CLARITY Acts—are boosting long-term investor confidence. While short-term corrections are possible, the broader trend remains bullish,' Vishwanath said.Ethereum remained strong above $3,600, supported by robust inflows into spot ETFs. According to Riya Sehgal, Research Analyst at Delta Exchange, $726 million has flowed into ETH ETFs so far, with $500 million of that coming from BlackRock alone.
'Bitcoin is holding above $120,000 with support near $115,700. A close over $121,500 on rising volume could push it toward $125K–$126.2K,' Sehgal said. 'XRP's 12% jump and wider altcoin gains are being driven by optimism following the acceptance of three pro-crypto bills in the US House. ETF inflows, policy clarity, and legislative progress are all supporting the rally.' She also noted that while Bitcoin remains dominant with a 60% market share, capital rotation into Ethereum and other altcoins is increasing. 'The global crypto market cap is nearing $3.9 trillion, inching closer to Nvidia's $4.2 trillion valuation,' she added.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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