Bitcoin’s climb beyond $120,000 has sent shockwaves through global markets, but according to a new analysis from 10x Research, the surge remains a one-man show.
The firm’s latest report argues that the broader crypto market hasn’t yet caught the wave – with altcoins showing uneven momentum despite stronger institutional engagement and record ETF inflows.
10x Research attributes Bitcoin’s breakout to three key forces converging at once: the flood of capital into spot ETFs, optimism surrounding U.S. tax reforms, and large-scale accumulation from institutional players. Combined with heightened demand for safe-haven assets amid mounting financial uncertainty, the conditions have pushed Bitcoin into what the firm calls “the early stages of an institutional-led rally.”
While Bitcoin continues to dominate global inflows, volatility in the rest of the market has flattened. Analysts say that, for now, investors appear comfortable rotating into BTC rather than spreading exposure across smaller tokens.
Elsewhere, the picture is mixed. XRP has been buzzing in the derivatives space, where open interest climbed above $1 billion amid renewed chatter of a spot ETF listing. BNB remains one of the few altcoins holding steady, bolstered by continued token burns, institutional activity, and a new partnership between Binance and Kazakhstan’s Alem Crypto Fund.
Cardano’s ADA has seen renewed whale accumulation following progress in decentralized governance and speculation of a U.S. ETF approval. However, not all momentum has been positive. TRON’s multi-chain expansion plans have reignited old debates over centralization, with founder Justin Sun’s influence again drawing scrutiny.
Avalanche and Aptos are enjoying renewed visibility. Avalanche secured attention after AgriFORCE announced a $700 million ecosystem revamp, while its foundation pledged $1 billion in development support. Aptos followed suit, buoyed by the rollout of its USD1 stablecoin and a steady rise in user transactions.
Sui, another network in the spotlight, continues to benefit from large whale inflows and mounting rumors of a collaboration with Google’s AI division. Hedera’s involvement in Wyoming’s state-backed stablecoin pilot has lifted investor confidence, though slow regulatory approvals from the SEC remain a short-term obstacle.
Lido and Mantle are also carving out their niches. Lido’s $50 million buyback plan and VanEck’s staked-ETH ETF filing have restored long-term optimism, while Mantle’s staking integrations through Bybit are drawing institutional traders into its ecosystem.
Publicly traded crypto companies are once again in focus. MicroStrategy’s latest Bitcoin acquisition renewed debates about overexposure, while Coinbase saw fresh gains on the back of a Samsung partnership and bullish analyst upgrades. Robinhood’s inclusion in the S&P 500 index triggered record trading volumes, underscoring how crypto-linked equities are becoming proxies for digital asset exposure.
In the mining and infrastructure sector, Marathon and Riot continue to attract analyst confidence through AI integration, while Bitdeer and Iren expand their data center operations for high-performance computing. Meanwhile, Bitmine and Bit Digital are testing new waters – one through Ethereum staking, the other via aggressive portfolio expansion.
Despite Bitcoin’s dominance, 10x Research maintains that the broader market could soon follow. The firm believes growing institutional participation and upcoming ETF approvals could ignite a second wave of momentum led by top altcoins.
“The market is still in the early innings,” the report said. “What we’re witnessing is phase one of a larger cycle. Once liquidity spreads beyond Bitcoin, the next leg of the bull market could form faster than most expect.”
