Cryptocurrency analysis firm 10x Research has released a new market report after Bitcoin surged above the $120,000 level. According to the report, the current rally is largely driven by Bitcoin, and a broad-based recovery in altcoins has yet to be observed. The company noted that the rise in Bitcoin's price was fueled by increasing ETF inflows, optimism about tax reforms, and the accumulation of large investors. Furthermore, strengthening safe-haven demand amid financial uncertainty also fueled the rally. The report revealed different dynamics emerging in the altcoin market. XRP experienced strong activity in the derivatives market, with open interest exceeding $1 billion and rumors of a potential spot ETF. BNB continued its rise thanks to institutional demand, token burns, and a partnership with Kazakhstan's Alem Crypto Fund. For Cardano (ADA), the prospect of a potential US spot ETF and decentralized governance initiatives boosted investor confidence, while whale accumulation also bolstered this outlook. Related News: An Altcoin Has Been Hacked for the Third Time in the Last Year TRON (TRX) has attracted attention with its multi-chain integration plans, while founder Justin Sun's control of the token has revived centralization concerns. Avalanche (AVAX) remained strong thanks to AgriFORCE's $700 million rebranding commitment and the Foundation's $1 billion funding plan. Aptos (APT) maintained investor interest with its new USD1 stablecoin launch and increased on-chain interactions, while Sui (SUI) gained strong momentum on the DeFi side following whale accumulations and rumors of a potential Google AI partnership. Meanwhile, Hedera (HBAR) took a significant step in terms of regulatory confidence by participating in Wyoming's stablecoin project, but SEC approval delays created short-term uncertainty. Mantle (MNT) garnered whale interest with Bybit's new staking and institutional products, while on-chain activity and governance developments were noted to support long-term confidence. Lido (LDO) boosted investor confidence with VanEck's staked-ETH ETF application, a $50 million buyback program, and governance reforms around the NEST system. The report also noted a surge in crypto-related public companies. MicroStrategy rekindled capital dilution concerns with its new Bitcoin acquisition, while Coinbase gained value thanks to an analyst rating upgrade and a partnership with Samsung. Robinhood stood out with strong trading volumes after its inclusion in the S&P 500 index. While Bit Digital navigated a volatile period with its Ethereum staking move, Bitmine boosted investor confidence with its aggressive growth strategy and large ETH holdings. Marathon and Riot garnered analyst support for their mining production and AI initiatives, while Bitdeer and Iren stood out with their data center expansions and growth targets in high-performance computing (HPC). 10x Research, in its assessment of the overall picture, stated, “This Bitcoin-led rally is in its early stages, with altcoins yet to participate. However, institutional interest and ETF developments could generate momentum in the altcoin market in the coming period.” *This is not investment advice. Continue Reading: Chinese Analysis Firm Evaluates Bitcoin, XRP, Cardano, and Tron: Why Did They Soar, What’s Next?
