- Altcoins are rising in value even though Bitcoin’s market dominance remains steady.
- Bitcoin dominance is at 64.46%, dropping only slightly as altcoins surge.
- Major gainers include MemeCore, up 1,263%, Mog Coin up 75%, and Stellar up 67% over the past week.
- Ethereum’s value increased 17.68% over the last seven days, with the ETH/BTC ratio also climbing.
- Analysts indicate a possible incoming major “altcoin season” if current trends continue.
Altcoins saw strong price increases this week while Bitcoin’s share of the cryptocurrency market stayed mostly unchanged. At the time of publication, data from TradingView showed Bitcoin dominance at 64.46%. This represents just a 1.53% drop over the past week, while many alternative cryptocurrencies (altcoins) posted significant gains.
According to crypto analyst Matthew Hyland, altcoin prices are rising without Bitcoin losing significant market share. In a post on X, Hyland wrote, “BTC dominance hasn’t even sneezed and Alts are ripping.” He suggested larger gains could be possible if Bitcoin’s dominance decreases further, asking, “What do you think happens if it drops from 65 to 45.” During the same period, Bitcoin reached new all-time highs, topping $118,760 on Friday.
Market data highlights some leading performers among altcoins. MemeCore led the top 100 cryptocurrencies with a 1,263% increase over seven days. Mog Coin followed with a 75% gain, and Stellar rose 67%, according to CoinMarketCap. Ethereum (ETH), the second-largest crypto by market cap, increased by 17.68% over the same period. The ETH/BTC ratio, which shows how much stronger or weaker Ethereum is relative to Bitcoin, rose 8.39% over seven days.
Currently, CoinMarketCap’s Altcoin Season Index gives a score of 29 out of 100, signaling the market still favors Bitcoin over altcoins. However, Michael van de Poppe, founder of MN Trading Capital, stated on X, “I assume that we’re about to witness the final easy and biggest bull ever on Altcoins.” On-chain analytics firm Santiment also observed, “The data confirms that, for now, it has,” referring to the possible start of an altcoin season.
Santiment added that as long as Bitcoin holds above the $110,000 level, traders may keep moving profits from Bitcoin into altcoins. Analysts have typically used Bitcoin dominance as a signal for the timing of altcoin season, where a drop in dominance means more money shifting to other cryptocurrencies.
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