A crypto analyst believes altcoins could have significant room to grow, as many are already rallying without making a dent in Bitcoin’s market dominance.
“BTC dominance hasn’t even sneezed and Alts are ripping,” analyst Matthew Hyland remarked in a post on X Friday.
Bitcoin hits fresh highs for three days in a row
According to TradingView, Bitcoin Dominance stood at 64.46% at the time of publication, dipping only 1.53% over the past week, even as altcoins experienced sharp price surges and Bitcoin hit new all-time highs on Wednesday, Thursday, and climbed to $118,760 on Friday.
Hyland commented, “What do you think happens if it drops from 65 to 45?”
Analysts have long used Bitcoin Dominance as an indicator for the start of altcoin season, with a drop usually suggesting that altcoins are capturing a larger share of the market.
But despite Bitcoin Dominance remaining relatively stable, the recent surge in altcoins may point to new capital entering the broader crypto market.
According to CoinMarketCap data, MemeCore (M) led the top 100 crypto gainers over the past week with a staggering 1,263% increase, followed by Mog Coin with a 75.01% gain, and Stellar up 67.43%.
Ether, the second-largest cryptocurrency by market cap, has risen 17.68% over the past week — a move often seen by traders as a sign that market attention is shifting from Bitcoin to the broader altcoin space.
Trader predicts this will be the “last easy” altcoin season
The ETH/BTC ratio—used to gauge Ether’s strength relative to Bitcoin—has climbed 8.39% over the past week.
Still, CoinMarketCap’s Altcoin Season Index shows the market is tilted in Bitcoin’s favor, with a current “Bitcoin Season” score of just 29 out of 100.
In an X post on Friday, MN Trading Capital founder Michael van de Poppe said, “I assume that we’re about to witness the final easy and biggest bull ever on Altcoins.”
On-chain analytics firm Santiment echoed a similar sentiment, stating that their data indicates altcoin season has officially begun. “The data confirms that, for now, it has,” Santiment noted.
They added, “As long as Bitcoin holds above the key psychological support around $110,000, traders will likely feel confident reallocating profits into altcoins.”
