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Trading volumes in altcoins such as %Cardano (CRYPTO: $ADA ) and %Solana (CRYPTO: $SOL ) are surging as the current rally in cryptocurrencies accelerates.

Cardano's price has risen more than 6% over the past 24 hours as trading volumes spiked amidst a strengthening rally in digital assets.

The price of Solana is currently at $150 U.S. per token, having gained as much as 5% in the past 24 hours. Cryptocurrencies trade 24 hours a day, seven days a week.

Altcoins are broadly defined as any %Cryptocurrency other than %Bitcoin (CRYPTO: $BTC ), which is the biggest digital currency by market capitalization.

The current rally in altcoins comes with Bitcoin trading at $108,950 U.S. and on the cusp of reaching an all-time high.

Market analysts remain divided on Cardano's short-term prospects and how long the altcoin rally will last.

Some analysts point to bearish on-chain metrics, including declining active wallets.

However, cryptocurrencies in general have been rallying alongside stocks in recent weeks, with the benchmark S&P 500 index currently at a record high.

Having put concerns about trade wars and tariffs behind them, investors continue to pile into risk assets such as stocks and cryptocurrencies.

At just under $109,000 U.S., Bitcoin, which is the largest cryptocurrency by market capitalization, is trading less than 3% below the peak it reached in May of this year.

Many on Wall Street expect to see new highs in Bitcoin and other crypto in coming weeks as the rally in U.S. markets gathers strength.

July has typically been a strong month for cryptocurrencies. Bitcoin has historically averaged a 7% gain during the month.

Investors also continue to cheer U.S. President Donald Trump's effort to loosen regulations in an effort to make America the "crypto capital of the planet."

ADA is up nearly 50% over the last 12 months and trading at $0.58 U.S.