Bitcoin crosses $120K on US crypto bill boost; Dogecoin, Hedera rally over 15%
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%.
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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.
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"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."
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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."
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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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