The cryptocurrency market experiences a bullish wave as Bitcoin reaches new price highs, with altcoins also showing price gains.
Bitcoin Dominance Declines
The Bitcoin Dominance Index (BTC.D) has dropped from 66% to 64.5%, with 27 altcoins outperforming it over the past 90 days. Data from TradingView indicates that the altcoin market cap (TOTAL2) has increased by over 10% since the start of the month. Commenting on this trend, market analyst Matthew Hyland noted, "Alts are ripping," even with the relatively stable Bitcoin dominance.
Ethereum's Rally and Altcoin Growth
Ethereum, which ranks second in market valuation after Bitcoin, has rallied over 17% week-to-date. During this period, the ETH/BTC ratio, used to analyze Ether’s performance against Bitcoin, has climbed by 8.39%. Analysts like Michael van de Poppe believe that the market is set to enter the "final easy and biggest bull ever on Altcoins." He stated that, "Trading Altcoins is difficult, that's why the downward corrections are extremely challenging, and the upwards returns enormous."
Signals for Altseason
Another key trend underpinning this phenomenon is the high amount of exchange-held stablecoins. According to CryptoQuant analyst, stablecoin reserves, such as USDT and USDC, remain high, with more than $31 billion in total value. Conversely, BTC reserves on exchanges are declining. Crypto commentator under the pseudonym Master of Crypto noted that altcoins can still chart upward courses even with the BTC price falling.
Despite Bitcoin’s dominance, altcoins are showing significant growth, which may signal the beginning of an altseason. Investors continue to hold stable assets in anticipation of profitable opportunities in the market.
