Altcoins surge 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 the overall altcoin rally, indicates a growing interest in the broader cryptocurrency market.

The ETH/BTC ratio, which measures Ether's relative strength against Bitcoin, has increased by 8.39% over the past seven days. This ratio is often used by traders to gauge the market's focus on altcoins versus Bitcoin. However, despite the altcoin surge, the Altcoin Season Index, which measures the market's preference for altcoins, 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.

Michael van de Poppe, the 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 could further fuel the altcoin rally, potentially leading to even greater gains in the coming weeks and months.