Altcoins Outshine Bitcoin as DOGE Surges 12.2%
Bitcoin's price surged to an eight-month high on Tuesday, but what was more impressive for crypto traders was the outperformance of smaller altcoins.
Dogecoin (DOGE) rose by a staggering 12.2% in the past day, followed closely by Sui (SUI), which gained 8.3%, and XRP (XRP), up 6.2%. Cardano (ADA) and Solana (SOL) also saw significant gains of 5.7% and 4.3%, respectively.
The bigger move for crypto traders was happening further down the risk curve, as these altcoins outpaced Bitcoin's own 2% gain over the past day.
According to CoinGlass data, Bitcoin's dominance dropped 0.1% in the past day, while the Altseason Index stood at 62, suggesting an 'altcoin season' might be underway.
CryptoQuant attributed Bitcoin's price rise from around $81,000 to $86,600 to spot ETF demand, short liquidations, and limited historical supply overheads.
On-chain analyst Willy Woo said the rally has room to run for up to four weeks before turning overbought.