Why Is Bitcoin Holding Steady as XRP, Solana, Dogecoin Waver?
In brief
- Bitcoin was up 1.1% in Thursday trading, even as major altcoins like XRP, Solana, and Dogecoin were in negative territory.
- BTC volatility dropped to 1.49%, with experts noting this decreased volatility indicates BTC is maturing into an institutional-grade asset.
- Marathon Digital upsized its latest offering to $950 million to purchase Bitcoin and expand mining operations—but shareholders aren't embracing the company's conviction.
Bitcoin held steady amid a recent sharp correction for top altcoins XRP, Solana, and Dogecoin.
BTC’s price was recently up 1.1% over the past 24 hours to change hands for $119,412, according to crypto data provider CoinGecko
The largest cryptocurrency by market value has benefited from lessening volatility. Experts have said the drop is to be expected as BTC matures.
As of Wednesday evening, Bitcoin volatility stood at 1.49%, according to crypto data analytics platform Coinglass. Volatility has dropped within this range before, but its peaks have grown less severe.
Still, ARK Invest Research Trading Analyst and Associate Portfolio Manager David Puell noted last week that while Bitcoin volatility and the number of days exhibiting extreme volatility—notably after the 2014 Mt. Gox hack and 2019 onset of COVID-19 pandemic—have decreased over time, it won’t entirely disappear.
“Although extreme volatility is and will remain an inherent part of Bitcoin and all markets, we are pleasantly surprised by Bitcoin's ability to overcome its (very) bad days and consolidate into an institution-grade asset of its own,” he wrote.
Glassnode analysts noted Thursday that the sharp rally earlier this month from $110,000 to $117,000 created an “on-chain air gap or a low-density accumulation zone.”
That means little Bitcoin changed hands once BTC reached the top of that range, or in other words, few buyers or sellers established positions there.
“Since the $122.6 thousand all-time-high, price has held above it,” Glassnode wrote on X. “If support fails, history shows such gaps can still evolve into bottom formation zones.”
That means if the price were to retreatinto that zone, it could drop quickly—at first. But the analysts reasoned that in the past, those kinds of trading zones can provide price stabilization.
And for what it's worth, Myriad Markets users seem almost entirely convinced it'll stay above $100,000 through the end of the month. Almost all, or 98.7%, of users have wagered that Bitcoin will stay above that price level as July comes to a close.
(Disclosure: Myriad is a prediction market and engagement platform developed by Dastan, parent company of an editorially independent Decrypt.)
The sharp rally from $110k to $117k created an on-chain air gap or a low-density accumulation zone. Since the $122.6k ATH, price has held above it. If support fails, history shows such gaps can still evolve into bottom formation zones. pic.twitter.com/jEpXbwujwC
— glassnode (@glassnode) July 24, 2025
Meanwhile, institutional interest has yet to slow, even as the daily spot BTC price pauses.
“Corporate and institutional buyers are not slowing down,” noted Valentein Fournier, the lead research analyst at BRN in a Thursday note. “Marathon Digital (MARA) plans to raise $850 million via 0% convertible notes to buy more Bitcoin and expand its mining infrastructure—a strong show of conviction as overall market momentum softens.”
Investors weren’t initially bullish about that show of conviction on Wednesday.
The MARA stock price fell 10% to $17.80 immediately after the announcement. The stock sank further still and closed the session at $17.57, down 11.62% yesterday.
On Thursday morning, the company filed another notice with the SEC thatit had upsized its raise to $950 million—available only to qualified institutional buyers. It’s also giving first day buyers up to 13 days to purchase up to $200 million more.
But investors still aren’t sold on a MARA raising money to invest in its mining infrastructure. In pre-market trading, the stock price fell as low as $17.35. Shortly after the opening bell, MARA is lagging 0.71% behind yesterday’s close.
Meanwhile, Ethereum was recently trading at about $3,749, up nearly 4% from Wednesday, same time. ETH, which has benefitted from a lot of institutional attention since the start of the month, is trending 9.4% higher than it was this time last week.
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