Bitcoin News Today: Ethereum Surge Drives 41% Altcoin Market Cap Gain, Bitcoin Dominance Drops to 61.05%

Ethereum’s recent breakout and the subsequent 41% surge in the altcoin market cap signal a potential shift in momentum within the cryptocurrency market. While it is not yet officially an altseason, the indicators are clearly pointing in that direction. After weeks of Bitcoin’s dominance, Ethereum has shown significant gains, logging four consecutive weeks of increases against Bitcoin. This shift has led to a decrease in Bitcoin’s market dominance, which has fallen to 61.05%, its lowest point in over two months.

Ethereum’s performance has been particularly noteworthy, with a 26.93% weekly gain against Bitcoin. This rally has pushed the ETH/BTC pair to 0.03153, marking a significant breakout after months of consolidation. The altcoin market cap has also surged, rising from a June low of $1.06 trillion to around $1.5 trillion, indicating growing confidence in an impending altseason. Ethereum’s strong performance has acted as a catalyst, drawing capital away from Bitcoin and into the broader altcoin ecosystem.

The altcoin season index, currently at 51, is nearing a tipping point. Although it has not yet crossed the official threshold of 75, it has risen significantly in recent weeks. According to Glassnode, capital began flowing into altcoins in early July, with short-term averages rising above long-term ones for the first time in months. This shift aligns with Ethereum’s breakout, suggesting that the conditions for an altseason are starting to materialize. Investors are taking notice of these developments, and the market is showing signs of a broader narrative shift away from Bitcoin and towards altcoins.