XRP News Today: Altcoins surge 40% in two weeks as Bitcoin hits new high

Altcoins have experienced significant gains in recent weeks, sparking discussions about the potential start of AltSeason. Bitcoin has continued its upward trajectory, reaching a new all-time high, while institutional inflows and liquidation events have reshaped the crypto landscape. Market observers are divided on whether the rally among smaller coins will sustain or fade.

Over 90% of major altcoins have outperformed Bitcoin in the past two weeks, with some coins gaining as much as 40%. This surge has been particularly notable in segments like AI tokens and meme assets. However, when viewed over longer timeframes of 30 and 60 days, only a handful of altcoins continue to outperform Bitcoin. This inconsistency suggests that the momentum may be short-lived, with most surges reflecting micro-rallies rather than broad market growth.

Bitcoin's dominance remains a key factor in the crypto market. Despite brief surges, longer-term charts indicate that Bitcoin still holds significant influence over most major tokens. For a true AltSeason to begin, Bitcoin’s dominance must decrease, and altcoin funding should cool across exchanges. Analysts note that the gains often reflect micro-rallies rather than a sustained altcoin market growth.

Bitcoin reached a fresh all-time high, driven by strong U.S. ETF inflows. Matthew Dixon, a veteran financial analyst, reported that Bitcoin and Ethereum ETFs saw a combined $429 million in inflows. This institutional demand added fuel to the market, pushing prices higher across the board. The surge triggered a massive short squeeze, with over $1 billion worth of crypto short positions liquidated, including $570 million in Bitcoin and $207 million in Ethereum. These liquidations increased volatility and added to the bullish momentum in the market.

Ethereum recorded the strongest performance among the top ten cryptocurrencies, with its price surge driven by ETF optimism and network growth. Meanwhile, XRP jumped 6% after breaking out of a descending wedge pattern. Institutional activity in XRP rose sharply, with trading volumes up 168% over the past week. Despite some strength in altcoins, the broader market still leans on Bitcoin’s direction. Analysts suggest that until altcoins sustain performance over several months, calling it AltSeason remains premature.

As trading heats up, regulatory discussions are also in motion. Lawmakers in the United States are reviewing digital asset tax frameworks, with proposals under review. These talks aim to clarify reporting requirements and foster a clearer environment for crypto investors. Altcoins may be gaining attention, but Bitcoin remains the pillar of this cycle. For now, traders continue watching key dominance and funding trends to gauge the next major shift.