Bitcoin News Today: Altcoin Market Surges 20% as Ethereum Leads Rally, Bitcoin Dominance Drops to 58%

The altcoin market has experienced a significant surge, with the total valuation of the cryptocurrency market surpassing $4 trillion for the first time. Ethereum has notably surged over 20% in one week, reaching above $3,600. Other major altcoins like XRP and Dogecoin have also realized double-digit gains during this period. This surge has led to a decrease in Bitcoin’s market dominance, which has fallen from 62% to 58%. Analysts are now marking what appears to be the long-anticipated altcoin season.

Cryptorank’s Altcoin Index has leapt from 15 to 50 within a month, indicating that most of the top 50 cryptocurrencies now outperform Bitcoin. If the index exceeds 75, it would confirm a full-scale bull cycle. Meanwhile, the Crypto Fear and Greed Index has remained in the “Greed” range since June 23, suggesting an increasing appetite for risk.

The stars of this altcoin market surge include Ethereum, Solana, Cardano, Avalanche, Sui, XRP, and Dogecoin, each of which has seen a 15-20% increase over the past week. Institutional funds are entering the market through spot ETFs and on-chain assets. Furthermore, Ethereum has appreciated by 72% relative to Bitcoin since April.

Trader Peter Brandt highlighted a cup and handle pattern forming in the altcoin market cap chart, nearing a breakout point at $1.70 trillion. Should a breakout occur, and Brandt’s projected structure be completed, many altcoins could achieve new highs. Michaël van de Poppe views the strong performance of altcoins against Bitcoin as a buying opportunity. Raoul Pal suggests focusing on coins that systematically outperform BTC, ETH, and SOL on a weekly basis, while Benjamin Cowen cautions that liquidity might quickly shift back to Bitcoin, although XRP has remained relatively resilient.

The altcoin market has continued to gain momentum, with Ethereum and Ripple leading the rally. The total crypto market cap has surged to an all-time high, reaching $3.8 trillion. This surge is driven by the increasing interest in altcoins, which are experiencing significant gains. The altcoin market cap has risen to $1.42 trillion, its highest level since March 2025. This strong advance validates the growing interest and investment in alternative cryptocurrencies.

The decline in Bitcoin's market dominance does not necessarily mean that Bitcoin is losing its status as the leading cryptocurrency. Bitcoin remains the largest and most widely recognized cryptocurrency, with a market capitalization that is still significantly higher than that of any other cryptocurrency. However, the shift in market dominance highlights the growing competition in the cryptocurrency market and the need for Bitcoin to continue to innovate and adapt to changing market conditions.

The altcoin market's surge is also reflected in the decline of Bitcoin's dominance. Bitcoin's dominance has fallen from 66% to 62%, while the total crypto market cap has surged to an all-time high. This trend suggests that capital is beginning to rotate away from Bitcoin and into altcoins, a trend that could continue as the market seeks out higher returns.