Crypto Journalist
Amin Ayan
Crypto Journalist
Amin Ayan
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Despite Bitcoin maintaining a steady grip on the market, many altcoins are experiencing significant price surges, suggesting ample room for further upside in the broader crypto market.
Key Takeaways:
- Altcoins are rallying strongly alongside Bitcoin, despite Bitcoin’s dominance at 64%.
- The usual signal for an altseason, a drop in Bitcoin dominance, is absent.
- However, analysts indicate the altcoin season is underway.
Crypto analyst Matthew Hyland noted on X that “BTC dominance hasn’t even sneezed and Alts are ripping,” highlighting the recent momentum in altcoins alongside Bitcoin’s steady dominance.
At the time of publication, Bitcoin’s dominance stood at 64.46%, down just 1.53% over the past week, even as Bitcoin climbed to new all-time highs — reaching $118,760 on Friday.
Declining Bitcoin Dominance Typically Signals Start of Altseason
Traditionally, a decline in Bitcoin dominance signals the start of an “altseason,” where altcoins gain market share.
However, the current surge in altcoins without a significant drop in Bitcoin dominance may indicate fresh capital flowing into the entire crypto ecosystem rather than a shift away from Bitcoin.
Among the top performers over the past week, MemeCore (M) led with a staggering 1,263% rally, followed by Mog Coin (MOG) up 75% and Stellar (XLM) rising 67%, according to CoinMarketCap data.
Ether (ETH), the second-largest cryptocurrency, increased by 17.68% over the same period, with the ETH/BTC ratio climbing 8.39%, reinforcing traders’ expectations of a growing focus on altcoins.
However, CoinMarketCap’s Altcoin Season Index still reads “Bitcoin Season,” with a score of 29 out of 100, indicating that Bitcoin remains the dominant market driver.
Yet, traders like Michaël van de Poppe, founder of MN Trading Capital, believe the market is approaching the “final easy and biggest bull ever on Altcoins.”
“Trading Altcoins is difficult, that’s why the downwards corrections are extremely challenging and the upwards returns enormous,” he said.
Data from on-chain analytics firm Santiment also supports this view, confirming that altcoin season has started.
Santiment added that as long as Bitcoin holds above key psychological support near $110,000, traders will likely continue reallocating profits into altcoins, fueling further growth in the broader crypto market.
Bitcoin Surpasses Silver in Market Cap
Bitcoin’s market capitalization has surged past silver’s, reaching $2.34 trillion after the cryptocurrency hit a fresh all-time high above $118,000.
The milestone places Bitcoin sixth among the world’s largest assets, surpassing silver’s $2.16 trillion market cap, according to Companies Market Cap data.
Bitcoin is closing in on the top five assets, with Amazon’s $2.37 trillion market cap now within reach.
Behind Bitcoin and silver are tech giants Google and Meta, valued at $1.15 trillion and $1.79 trillion, respectively.
However, gold remains the dominant asset with a massive $22.6 trillion market cap. NVIDIA, Microsoft, and Apple follow, holding market caps in the $3 to $4 trillion range, well ahead of Bitcoin for now.
Institutional demand has been a key driver, supporting Bitcoin’s consolidation above $100,000 before its recent price surge.
Mercuryo CEO Petr Kozyakov noted that institutional interest continues to push Bitcoin’s value higher, underscoring its rising appeal as a store of value alongside altcoins like Ethereum, which recently surpassed $3,000.
