Bitcoin Climbs to $120K, Solana Runs Hot - July 23, 2025 Market Recap

Bitcoin Hit $120K as Solana Rallies - Crypto Market Recap for July 23, 2025

Early Wednesday, July 23, 2025, crypto markets remain in the spotlight after a high-volatility stretch. Bitcoin (BTC) surges 2.24% to $120,000, powered by a 49% rise in 24H volume nearing $922M, as sentiment stays bullish following its recent all-time high and further boosts from this week’s regulatory clarity in the U.S. Institutional inflows and anticipation around leading fintech stocks joining major indices continue to support strong demand.

Solana (SOL) leads the day’s altcoin move, jumping 3.77% to $202.49 with a sharp 7.5% increase in volume, as traders rotate into higher-beta coins. Positive DeFi ecosystem developments and increased leverage (funding rate 0.5%) highlight heightened speculative interest.

Ethereum (ETH) eases 1.12% to $3,700 — despite flat volumes, the high funding rate (0.84%) suggests open interest is still building. Market watchers are closely monitoring ETH’s trading range after last week's historic rally and policy-driven ETF momentum.

XRP holds steady at $3.57, down just 0.19% while volume contracts over 15%, mirroring a cautious but stable investor base.

Rotational flows, new all-time highs, and regulatory breakthroughs set the stage for more volatility as July enters its final week.

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