Bitcoin is holding steady around $119,366 today with little movement, but altcoins have been stealing the show. Ethereum, XRP, Solana, Dogecoin, and Cardano are all seeing solid gains between 3–8%.
Altcoin Season Index At 51
In just a few days, the Altcoin Season Index has risen from 39 to 51. Although a full-blown altcoin season is still far away ( above 75), the market is showing early signs of strength. ETH jumped to $3,793, its highest since early 2022. DOGE has stolen the show with a 9% surge, and is up 32% on the week.
The CMC Altcoin Index is currently at 56. Coinglass notes that the Altcoin Season Index is climbing quickly, but so far, only a few altcoins are showing strong gains. If Ethereum breaks above $4,000, then it could trigger a major surge across the altcoin market.
According to analyst Michael Van De Poppe, the current price action suggests the market may be slightly overextended in the short term, which could lead to a swift and sharp correction. However, this would likely be a healthy pullback within a broader bullish trend. Overall, the next six months will be massively bullish for altcoins.
Meanwhile, Bitcoin’s dominance has dropped sharply, down 5.8% in a week to just under 61%, its lowest level since March. This shift shows that traders are moving away from BTC and into altcoins. Altcoins, with ETH at the forefront, have taken the lead in the latest market rally.
TOTAL2 Nears Major Breakout
Analyst Moustache is pointing out that the TOTAL2 chart (which tracks the altcoin market cap) is about to break above a trendline that’s held for 8 years. If the 2-week candle closes above this line, it could signal the start of a strong altcoin bull run.
Altcoin Rally Could End by Late August?
However, expert Benjamin Cowen says that altcoins may be losing steam, with ALT/ETH pairs down 40% since April. While some altcoins are up against BTC, it’s mostly due to Ethereum’s strength, not broad market momentum.
He warns the altcoin rally could peak by late August, with Bitcoin dominance likely rising again in September or October. For now, ETH remains the stronger performer.
