Market Snapshot: July 23, 2025 – Altcoin Rally Loses Steam as Bitcoin Regains Dominance
The global cryptocurrency market cap stood at approximately $3.91 trillion on July 23, reflecting a near-flat 24-hour change. After a bullish start to the week, momentum across altcoins began to fade as profit-taking and liquidation events gripped the market. Bitcoin (BTC) continued consolidating just below the $118,000 mark, while Ethereum, Solana, XRP, and others retraced recent gains. Notably, more than $200 million in long positions were liquidated, especially in high-beta altcoins, triggering a rise in Bitcoin dominance above 60%.
This trend reflects growing caution among investors, many of whom are rotating capital into safer, more established digital assets amid lingering macro uncertainty and stretched technical conditions. Analysts are watching closely for signals of renewed inflows or deeper corrections across key altcoins.
Bitcoin (BTC): Consolidation Below $118K Signals Caution, Not Weakness
Bitcoin was trading at $117,561, down just 0.2% from the previous day. After briefly breaching the $120K threshold earlier this week, BTC has cooled as traders took profits. Despite the minor retracement, on-chain metrics such as low exchange reserves and dormant coin activity suggest that long-term holders remain committed.
A decisive breakout above $120K would likely catalyze a new wave of bullish sentiment, whereas a breakdown below $116K could lead to a retest of the $112K–$115K support zone.
Ethereum (ETH): ETF Inflows Support Price, But Leverage Raises Volatility Risk
Ethereum is currently priced at $3,767, posting a modest 1.3% dip. While ETH remains resilient in the face of increased volatility, data shows surging open interest exceeding $44 billion, indicating elevated leverage in the market.
Analysts are eyeing key support levels around $3,470. If ETH can hold above this threshold while ETF inflows continue to rise, the long-term outlook remains favorable. However, any sharp move in BTC or macro indicators could exacerbate downside risk.
Solana (SOL): ETF Buzz Fades as Price Retraces from Weekly Highs
Solana corrected by 4.6% to trade at $187.55, after being one of the top altcoin gainers earlier in the week. Growing excitement over DeFi and NFT activity had pushed prices near $200, but a combination of liquidation events and profit-taking has caused a swift pullback.
Traders will be watching the $185 level for signs of price stabilization, while longer-term sentiment remains constructive pending further news on ETF developments or institutional partnerships.
XRP: Volatility Returns Following Historic Seven-Year High
XRP dropped 6.3% to settle at $3.18, reversing sharply after touching multi-year highs. This correction highlights the fragility of recent bullish moves in low-liquidity environments. ETF speculation and global remittance use cases continue to support its long-term thesis, but near-term price action remains highly reactive to volume fluctuations.
Key resistance now sits near $3.50–$4.00, and a decisive close above that zone could renew momentum.
Dogecoin (DOGE): Meme Coin Sentiment Weakens on Broad Market Pullback
Dogecoin fell nearly 7.4% to $0.2382, as speculative sentiment faded. Despite continued interest in Doginals and micro-tipping via platforms like X, meme coin hype has temporarily cooled off.
Market participants are trimming risk exposure as DOGE and similar tokens appear more sensitive to macro and BTC movements in the current risk-off climate.
Cardano (ADA): Steady, but Lacks Momentum Amid Broader Weakness
ADA eased slightly to $0.8239, slipping 0.4% in a relatively stable session. Though the network continues to push out upgrades like Hydra and Mithril, traders are awaiting new short-term catalysts to drive fresh inflows.
ADA remains structurally solid, but price appreciation may remain muted unless broader altcoin confidence returns.
SUI: Outlier Strength Driven by Ecosystem Growth
SUI maintained its strong performance, trading at $4.02, effectively flat on the day. Among the few altcoins to avoid a steep retracement, SUI benefits from rising developer interest and Move-based infrastructure that continues to expand its DeFi footprint.
As new projects launch on the network, SUI appears poised to sustain momentum even in choppy market conditions.
Kaspa (KAS): Consolidation After Breakout Holds Firm
Kaspa stayed near $0.0999, holding recent gains despite broader market softness. KAS’s unique blockDAG architecture and expanding exchange support have captured investor attention, particularly as a low-cap breakout candidate.
Price action remains constructive as long as it holds above the $0.095–$0.098 support range.
Pi Network (PI): Sideways Movement Continues Ahead of Exchange Listings
Pi Network remained steady at $0.4427, with minimal price movement. The token continues to trade in a speculative range amid closed mainnet testing and anticipation of exchange listings.
Retail interest remains high, but traders appear to be waiting for confirmation of broader access and liquidity before taking new positions.
Snapshot Table: Daily Price Overview (July 23, 2025)
| Crypto | Price (Jul 23) | Daily Change | Key Insight |
|---|---|---|---|
| BTC | ~$117,561 | –0.2% | Holding under $118K |
| ETH | ~$3,767 | –1.3% | Elevated leverage, key support hold required |
| SOL | ~$187.6 | –4.6% | Pullback after ETF-driven surge |
| XRP | ~$3.18 | –6.3% | Weakness on liquidity retraction |
| DOGE | ~$0.2382 | –7.4% | Meme-coin leading rotation risks |
| ADA | ~$0.8239 | –0.4% | Slow-moving infrastructure base |
| SUI | ~$4.02 | flat | Developer-driven stability |
| KAS | ~$0.0999 | flat | Consolidation after breakout |
| PI | ~$0.4427 | flat | Speculative ahead of listings |
The Road Ahead: Risk Management, ETF Flows, and Volatility Watch
The early-week surge in altcoins has given way to increased caution as long liquidations, rising dominance, and fading sentiment push investors back into defensive positions. Bitcoin’s dominance above 60% and growing ETF inflows suggest the market is still anchored to institutional flows, while speculative appetite temporarily subsides.
Moving forward, the market will be watching for:
- ETF allocation shifts, especially into Ethereum and Solana
- U.S. regulatory signals, including pending decisions on crypto custody and stablecoin bills
- Global macro events, including interest rate projections and trade policies
While the long-term structural case for digital assets remains strong, traders are advised to proceed with disciplined risk management and closely monitor market volatility as positioning continues to reset.
