The recent surge in the cryptocurrency market has provided a much-needed boost for short-term speculators, with Bitcoin leading the charge by surpassing the $64,790 mark. This rally was not limited to Bitcoin alone, as several altcoins such as TRON, Avalanche (AVAX), and Chainlink (LINK) also recorded impressive gains ranging from 20% to 30% within just seven days.
Despite the gains seen in various altcoins, Bitcoin continues to maintain dominance over the entire market. The Altcoin Season Index currently shows a reading of 22, indicating that Bitcoin is receiving the majority of investor attention. This trend is further supported by the Altcoin Monthly Index, which also tips the scale in favor of Bitcoin.
The index analyzes the performance of altcoins against Bitcoin, with the last official altcoin season occurring during the 2021 bull run. Market dominance has largely favored Bitcoin, with the index hovering around 20 to 30 and occasionally dipping as low as 12, highlighting the ongoing dominance of Bitcoin in the market.
At the time of writing, Bitcoin is trading at $63,850 with a market cap of $1.26 trillion, representing a 6.92% increase in the last seven days. Approximately 56.3% of the entire crypto market value is currently held in Bitcoin, further solidifying its dominant position in the market.
While many altcoins tend to mirror Bitcoin’s performance, there are exceptions where certain altcoins experience significant rallies independently. Ethereum currently commands the largest share of the altcoin market cap, with other altcoins collectively holding a market cap of $438.48 billion. Stablecoins also play a significant role in the market, with a market cap of $161.97 billion.
Some altcoins have seen impressive gains in recent days, with Sun Token, a stablecoin swap token based on TRON, gaining 305% in seven days. Memecoins such as Dogwifhat (WIF) and POPCAT have also recorded gains of 32.7% and 76%, respectively, within the same timeframe.
Looking ahead, altcoins are likely to continue seeing varying degrees of performance based on their utility and market adoption. The cryptocurrency market remains dynamic and ever-changing, with Bitcoin’s dominance shaping the overall landscape. As investors navigate these fluctuations, monitoring the performance of altcoins and their individual trends will be key to making informed decisions in this evolving market.
