Altcoin Surge Dethrones Bitcoin as Dominance Falls to 56.5%

Bitcoin's recent price surge has been eclipsed by several altcoins, causing its dominance to drop to 56.5%. The largest cryptocurrency rose from $80,000 to above $87,000 in under 24 hours, but failed to hold onto the milestone price. It briefly fell below $83,000 on Thursday before recovering to $85,000 and eventually settling at $83,500.

Meanwhile, altcoins such as Ether (ETH), XRP, Ethena (ENA), NEAR, Ondo (ONDO), Sui (SUI), Bitcoin Cash (BCH), and Avalanche (AVAX) posted impressive gains. Ether gained 5.9% to $2,685, while XRP rose 17% to $1.57.

Large-cap altcoins like Chainlink (LINK), Cardano (ADA), and XRP were the strongest performers in this group, with gains ranging from 17% to 18%. The market signal tracking relative performance has shifted from a Bitcoin-led phase to one dominated by altcoins, with about 72.5% of tracked altcoins outperforming BTC over the past week.

Total crypto market capitalization reached $3 trillion, while 24-hour trading volume stood at $113 billion. The recent shift in the market leaves Bitcoin above $80,000 but behind many competing tokens in percentage gains.