Bitcoin’s market dominance has declined by 5.87% over the past month, dropping from nearly 66% to 61.37% despite the benchmark cryptocurrency achieving new all-time highs above $122,000. This contraction signals a significant rotation toward alternative cryptocurrencies.
Ethereum surged past $3,800 driven by substantial institutional investments, including SharpLink’s notable $295 million acquisition of ETH. Bullish momentum now positions Ethereum to challenge the $4,000 resistance level.
Meanwhile, altcoins demonstrated remarkable gains: IKA soared 25% within 24 hours, eclipsing its previous record high at $0.0363, bolstered by its parallel Multiparty Computation network infrastructure. Similarly, Pump.fun witnessed a 27.6% daily surge despite trading 64% below its all-time peak, supported by recent $500 million fundraising efforts valuing the project at a $4 billion fully diluted valuation.
This accelerating transition from Bitcoin toward altcoins reflects evolving market dynamics and growing institutional focus on diversification strategies within the cryptocurrency landscape. Analysts observe altcoins increasingly capitalizing on Bitcoin’s waning market dominance.