Bitcoin Surges 8.34% to $111,861.22, Driving Crypto Market to $3.51 Trillion

The crypto market is experiencing a significant surge, with Bitcoin reaching a new all-time high of $111,861.22, marking an 8.34% daily increase. This bullish momentum has driven the total market capitalization to $3.51 trillion, reflecting a 3.56% increase, and the 24-hour trading volume has jumped over 62% to $192.3 billion. The Fear & Greed Index currently stands at a greed score of 73, indicating strong market confidence.

Bitcoin's current price is $111,486.13, with a daily volume surge of 82.64% to $89.74 billion, highlighting increased market participation. Bitcoin dominance has been relatively stable at around 63%, but there are signs of potential weakness. The recent breakdown from a rising wedge pattern on the daily timeframe suggests a bearish signal, which could open the door for an altcoin season.

This bullish trend has been fueled by various factors, including Trump’s gala dinner, institutional investments, and regulatory developments. JPMorgan's entry into Bitcoin options, the Senate’s GENIUS Act, and the accumulation of 3,120 BTC by ETFs have all contributed to the momentum. As Bitcoin dominance begins to decline, investors are increasingly eyeing the possibility of an altcoin season.

The Altcoin Season Index, currently at 24/100, indicates that the market is not yet in an altcoin season, but the conditions for one are forming. Historically, when Bitcoin breaks all-time highs by 10% or more, altcoins tend to follow with 50–200% rallies within 2–4 weeks. For an altcoin season to take hold, several technical thresholds are being watched. Bitcoin dominance needs to drop below 61.94% as an early indicator, and a break below 60.24% would confirm the altseason. Additionally, Bitcoin’s price should ideally move sideways or upward to maintain market confidence.

According to analysts, the current strategy is to let Bitcoin lead while making positions in quality altcoins that haven’t yet surged. This approach aims to capitalize on the potential rally in altcoins as Bitcoin dominance continues to decline.