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Altcoins Surge, Ethereum Up 11%, Bitcoin Lags at 2.7%

Coin WorldThursday, May 8, 2025 11:57 am ET

1min read

Altcoins are leading the charge in the cryptocurrency market, with Ethereum and Dogecoin among the top performers. Ethereum has surged by 11% in the past 24 hours, breaking through the $2,000 mark for the first time since March. This performance outpaces Bitcoin, which has risen by a more modest 2.7%. Other notable gains include Dogecoin and Cardano, both up by more than 8%, while Sui and Bitcoin Cash have seen increases of 13.8% and 14.3% respectively. The top performer among the 100 biggest coins by market cap is Pudgy Penguins, which has risen by 27% since this time yesterday.

Despite the bullish momentum, there is caution among analysts. Bitcoin's dominance in the market remains high at 64%, indicating that while altcoins are performing well, Bitcoin still holds a significant share of the market. Analysts warn that the increased social media buzz about "altseason" could be a red flag for investors, as history has shown that the most opportune entries into any sort of altcoin cycle are when there is complete disinterest in altcoins. The transition from rational investing to speculative frenzy can be both swift and punishing, meaning traders should proceed with caution.

Earlier this year, CryptoQuant analyst Ki Young Ju had warned that "the era of everything pumping is over," and "most altcoins won't make it." He argued that altcoins that are currently the subject of ETF filings, such as XRP, Solana, Cardano, and Litecoin, were most likely to outperform in 2025, along with "sustainable attention drivers" and "revenue-generating projects."

Market uncertainty continues due to Donald Trump's tariff policies, making it difficult to compare the current crypto rally to past cycles. While there is widespread gains in the market today, there are no guarantees of the same tomorrow. Investors are advised to stay vigilant and consider the potential risks associated with the current market conditions.

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