Bitcoin experiences healthy consolidation below $118,000 after recent highs near $123,000.
Solana leads altcoin performance with impressive 8.53% daily gain.
NFT market cap surges 21% amid renewed investor interest.
Ethereum maintains strength above $3,700 despite minor daily decline.
The cryptocurrency market is displaying mixed signals today, with the total market capitalization experiencing slight volatility as digital assets navigate between consolidation and growth phases. According to CoinMarketCap data, Bitcoin has retreated from its recent highs above $118,000, while several altcoins are posting impressive gains, led by Solana's remarkable 8.53% surge. The global market cap is up by 1.24% to $3.92 trillion as of 9.35 AM on July 22, 2025.
Bitcoin (BTC) is currently trading at $117,170.57, down 1.10% in the past 24 hours. It is a pullback from the strong support levels it maintained above $118,000 in recent sessions. Despite the daily decline, Bitcoin continues to dominate the crypto landscape with a market capitalization of $2.33 trillion. The token has a trading volume of $70.81 billion.
The current price action suggests Bitcoin is entering a consolidation phase after reaching recent peaks near $122,000-$123,000. Srinivas L, CEO, 9Point Capital, commented,”
With consolidation near recent highs, we believe the path of least resistance remains upward. Investors should stay positioned for a breakout towards $127K and beyond, as long-term fundamentals and institutional demand remain firmly intact.”
Technical analysis indicates that while short-term volatility is expected. Strong support is established at the $118,000 level. Although a brief correction toward $110,000 remains possible during periods of market uncertainty.
Ethereum (ETH) is trading at $3,728.23, down 0.82% from the previous day, but maintaining its position above the critical $3,700 support level. The second-largest cryptocurrency boasts a market cap of $450.04 billion. It has a trading volume reaching $42.81 billion over the past 24 hours.
The altcoin market is showing diversity in performance today. According to CoinMarketCap data, several tokens posted gains today while others experienced minor corrections:
XRP shows resilience with a 0.58% gain to $3.50, maintaining its position as the third-largest crypto with a $207.22 billion market cap. Mr. Paras Malhotra SVP - Trade, Custody and BizOps at CoinDCX, noted, “XRP’s strong technical foundation, capable of high-throughput, low-cost transactions continues to attract serious interest. If current trends hold, XRP could be poised to test the create multiple new ATH level in the coming months.”
Solana (SOL) emerges as today's standout performer, surging 8.53% to $201.25 with a market capitalization of $108.29 billion. At the same time, Cardano (ADA) posts solid gains of 2.13% to $0.8866. It reached a market cap of $31.39 billion.
BNB experiences a slight decline of 0.13% to $761.23, though maintaining a strong market cap of $106.03 billion. Dogecoin (DOGE) faces pressure with a 2.09% decline to $0.2662. Similarly, TRON (TRX) dropped 0.67% to $0.3109.
The stablecoin sector continues to provide market stability with Tether (USDT) maintaining its $1.00 peg and holding a market cap of $161.72 billion. USD Coin (USDC) trades at $0.9997 with a $64.66 billion market cap, together providing essential liquidity infrastructure for the broader cryptocurrency ecosystem.
The following major market changes may affect crypto prices today and beyond:
Digital asset custodian BitGo has made headlines by filing for an initial public offering (IPO) in the United States. The company confidentially submitted its draft registration statement to the SEC for a proposed public offering of Class A common stock.
BitGo's decision comes as the company's assets under custody have surged past $100 billion in the first half of 2025, up from $60 billion at the beginning of the year.
Cryptocurrency investment products achieved unprecedented success last week, recording $4.39 billion in inflows for their 14th consecutive week of gains. This milestone has pushed year-to-date inflows to a new record of $27 billion. Total assets under management have crossed $220 billion for the first time.
Ethereum ETPs particularly stood out, with 2025 inflows of $6.2 billion already surpassing the entire 2024 total. Bitcoin ETPs maintained strong performance with $2.2 billion in weekly inflows, accounting for 50% of total crypto ETP inflows.
The non-fungible token (NFT) sector demonstrated renewed vitality with a 21.2% increase in market capitalization to over $6.34 billion. Sales volume exploded by 303% to $38.7 million, indicating strong investor interest.
Leading NFT collections posted impressive gains, with CryptoPunks floor price jumping 15.9% to 47.50 ETH and Pudgy Penguins rising over 15% to 16.60 ETH. This resurgence follows months of predictions from industry experts about an impending NFT market rally.
Also Read: Crypto News Today: Trump Media Invests in BTC, BitGo Seeks IPO, $1.5B ETH Fund Set to Launch
The cryptocurrency market continues to demonstrate the evolution towards financial mainstream integration, whilst also maintaining the volatile price behaviors that characterize digital assets. Therefore, although digital asset markets continue to balance growth and consolidation along their paths, especially as we navigate institutional developments, it makes sense for investors to remain abreast of key support levels and institutional developments.
Some key support levels to watch include Bitcoin $118,000 and Ethereum at $3,700. The strength in NFTs and continued institutional capital inflow paint a favourable medium-term market sentiment picture.
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