Altcoins surge as Bitcoin dominance holds at 64.46%

Bitcoin continues to dominate the crypto market, with its price soaring and market share remaining high. However, altcoins are also experiencing significant gains, indicating a broader market rally. Crypto analyst Matthew Hyland noted that despite Bitcoin's dominance, altcoins are surging, suggesting that new capital is entering the market rather than simply rotating out of Bitcoin.

Traditionally, a decrease in Bitcoin's dominance signals an altseason, but this time, altcoins are rallying even as Bitcoin's dominance remains high at 64.46%. This trend has analysts and traders optimistic that fresh capital is flowing into the entire crypto market, driving up the prices of altcoins.

Some of the biggest winners in the altcoin space this week include MemeCore (M), which soared by 1,263%, Mog Coin (MOG) up 75%, and Stellar (XLM) rising 67%. Meanwhile, blue-chip altcoins like Ethereum (ETH) gained over 17.68%, with the ETH/BTC ratio climbing 8.39%, indicating growing strength in the altcoin market.

Despite the Altcoin Season Index still reading “Bitcoin Season” with a score of 29 out of 100, traders like Michaël van de Poppe believe the tide is turning. He described this as the beginning of the “final easy and biggest bull ever on Altcoins.”

On-chain analytics platform Santiment supports this sentiment, reporting that altcoin season has started even though Bitcoin dominance hasn’t dropped significantly. As long as Bitcoin holds above its $110,000 psychological support, Santiment believes traders will keep reallocating profits into altcoins, potentially pushing prices even higher across the board.

Bitcoin itself continues to break records, hitting a fresh all-time high above $118,000 and surging to a market capitalization of $2.34 trillion. This places Bitcoin as the sixth-largest asset in the world, trailing only giants like Amazon, Apple, Microsoft, and NVIDIA, with gold remaining the undisputed heavyweight.

According to Mercuryo CEO Petr Kozyakov, rising institutional demand is keeping Bitcoin above the $100K mark, and this momentum is trickling into altcoins like Ethereum, which recently passed the $3,000 level.

Altcoins are showing strength not just in isolation but as part of a larger trend. With Bitcoin dominance staying high and prices climbing across the board, the crypto market seems to be entering a new phase where Bitcoin and altcoins rise together, not at each other’s expense. If this trend continues, it could mark the beginning of one of the most inclusive bull runs the crypto market has ever seen.