Altcoins surge up to 1,263% as Bitcoin dominance holds at 64.46%

Altcoins have experienced a significant surge in value, while Bitcoin's dominance in the market has remained relatively unchanged. Crypto analyst Matthew Hyland noted that despite the impressive gains of altcoins, Bitcoin's market share has not been significantly affected. Bitcoin's dominance index stood at 64.46% at the time of publication, showing only a minor decrease of 1.53% over the past week. This stability in Bitcoin's dominance suggests that the recent altcoin rally may be driven by fresh capital entering the broader cryptocurrency market rather than a shift in market share from Bitcoin to altcoins.

The surge in altcoins has been led by several notable performers. MemeCore (M) topped the list of the top 100 crypto gainers over the past seven days with a staggering 1,263% increase. Following closely were Mog Coin (MOG) with a 75.01% gain and Stellar (XLM) with a 67.43% increase. Ether (ETH), the second-largest cryptocurrency by market capitalization, has also seen substantial growth, rising 17.68% over the past seven days. This increase in Ether's value, along with a rise in the ETH/BTC ratio by 8.39% over the same period, indicates a growing interest in the broader cryptocurrency market beyond Bitcoin.

Despite the impressive gains in altcoins, the Altcoin Season Index, which measures the market's preference for altcoins over Bitcoin, currently stands at a "Bitcoin Season" score of 29 out of 100. This suggests that while altcoins are performing well, Bitcoin remains the dominant force in the market. Analysts have traditionally used Bitcoin Dominance as a gauge for the timing of altcoin seasons, with a decline in Bitcoin's dominance often signaling that altcoins are gaining market share. However, the current stability in Bitcoin's dominance, coupled with the significant gains in altcoins, suggests that the market may be experiencing a period of broad-based growth rather than a shift in market share.

Michael van de Poppe, founder of MN Trading Capital, predicted that the current altcoin season could be the "final easy and biggest bull ever on Altcoins." This optimistic outlook is supported by Santiment's recent analysis, which indicates that the altcoin season has begun. Santiment noted that as long as Bitcoin maintains its position above the crucial psychological support level of around $110,000, traders will likely feel comfortable redistributing profits into altcoins. This redistribution of profits could further fuel the altcoin rally, leading to even greater gains in the coming weeks and months.