Bitcoin News Today: Bitcoin Hits $124,500 As Altcoin Mania Gains Momentum

Bitcoin is at a critical juncture, with its next move poised to determine whether it will surge into new territory or step aside for an emerging altcoin season, according to Samson Mow, a prominent Bitcoin advocate and founder of Jan3 [1]. The digital asset reached a new all-time high of $124,500 on Coinbase in early trading, marking a 3.5% gain for the day and pushing the overall crypto market cap to $4.26 trillion [1]. Despite this momentum, Mow outlines two potential trajectories: a “Godzilla”-like rally that absorbs all market attention or a temporary pullback to make way for altcoin enthusiasm [1].

Mow explained that if Bitcoin continues to “Omega up,” it could drain liquidity from altcoins, causing them to drop by 30–40%. Alternatively, if altcoin mania reaches a peak, it could trigger a sell-off in BTC before the asset rebounds once altcoins falter [1]. He described this phenomenon as the “Bagholder’s Dilemma,” where the market’s equilibrium shifts as investors rotate capital from altcoins back into Bitcoin [1].

Ethereum, which has outperformed Bitcoin by a significant margin over the past 30 days—gaining 58% compared to Bitcoin’s 3.5%—has drawn Mow’s skepticism. He argues that Ethereum’s market capitalization is unsustainable relative to Bitcoin, stating that it is “impossible” for ETH to be worth 4,600,000 BTC, and that a correction is inevitable [1].

Mow also warned that altcoins are currently “running too hot,” suggesting a pullback could occur as the altcoin mania wanes [1]. Historically, a sharp decline in Bitcoin’s dominance—measured at below 60% for the first time since January—has signaled the arrival of an altcoin season [1].

Industry experts have echoed the notion that Bitcoin may temporarily lose some of its spotlight. Henrik Andersson, chief investment officer at Apollo Capital, noted that decentralized finance (DeFi) and Ethereum could continue to outperform, especially with the tokenization of real-world assets and a more favorable regulatory environment [1]. Nick Ruck of LVRG Research added that declining Bitcoin dominance and rising altcoin volumes indicate an altseason is likely to start, led by ETH and speculative inflows into DeFi tokens [1].

Source: [1] Bitcoin will either ‘Godzilla’ up or drop on ‘alt mania’ — Samson Mow (https://cointelegraph.com/news/bitcoin-will-godzilla-up-or-sell-off-as-alt-mania-peaks-samson-mow)