%Altcoins such as %Ethereum (CRYPTO: $ETH), %Solana (CRYPTO: $SOL), and %Dogecoin (CRYPTO: $DOGE) continue to rise as the price of %Bitcoin (CRYPTO: $BTC) stalls and trades sideways.
Bitcoin is currently trading at $118,785 U.S., having gained 27% this year. However, the largest %Cryptocurrency by market capitalization has largely been rangebound in recent weeks.
Analysts note that BTC is having difficulty rising back above $120,000 U.S. after it hit an all-time high of just over $123,000 U.S. earlier in July.
As Bitcoin treads water, investors appear to be rotating capital into smaller cryptocurrencies known as altcoins.
Ethereum, the second largest crypto, is trading at $3,850 U.S., having gained more than 50% in the past month.
Other crypto such as Solana, Dogecoin, and XRP (XRP) are also marching higher as investors appear to be branching out to other digital assets.
The altcoins are also benefitting as corporate demand for cryptocurrencies accelerates.
SharpLink Gaming, for example, has expanded its reserve holdings of Ethereum by another 77,210 digital tokens, worth $295 million U.S. SharpLink is the second largest owner of ETH.
Crypto traders and analysts are awaiting the White House’s digital asset report scheduled for release on July 30.
The report is expected to be bullish on digital assets and serve as a catalyst for crypto markets.
On the macroeconomic front, reports of a potential 90-day extension to the U.S.-China tariff pause and the announcement of the U.S.-European Union trade deal are spurring demand for risk assets such as crypto.
