Altcoin Surge Fails to Dethrone Bitcoin as Dominance Holds Strong
The cryptocurrency market has seen a surge in altcoins, with their total market cap rising by over 23% in just one week. This is the strongest weekly move for this category in months, and it has even broken a long downtrend that had been in place since the $150-160 billion support area.
The altcoin market cap has surpassed $1 trillion, reaching $1.03 trillion at its peak before slipping downward slightly. Meanwhile, Bitcoin dominance remains strong, holding steady at over 60% of the total crypto market.
While some analysts might be tempted to call this an 'altseason', it's too early to make that declaration just yet. According to CoinGlass' Altcoin Season Index, which measures the correlation between altcoins and Bitcoin, the index has actually dropped from a recent high of 46 to its current level of 36.
This suggests that while altcoins are indeed gaining traction, they still have some way to go before they can be considered truly dominant. In fact, mid and small-cap assets were the strongest performers during this period, with 56% of Binance-listed altcoins trading above their 200-day MAs.