The cryptocurrency market witnessed a significant shift in July as altcoins surged while Bitcoin’s dominance declined substantially. Market data reveals Bitcoin dominance retreated by 5.2% to 60.6%, with altcoin dominance rising 10% to 39.2%.
Ethereum spearheaded the altcoin resurgence, fueled by notable inflows into recently approved Ethereum exchange-traded funds. This institutional interest catalyzed momentum across alternative digital asset investments.
Despite bullish sentiment, the total market capitalization excluding Bitcoin and Ethereum (TOTAL3) contracted from $1.07 trillion to $980 billion during the month. This decline reflected intensified exchange-side pressure, evidenced by heightened altcoin deposit volumes across trading platforms—particularly Binance—indicating amplified trading activity.
The altcoin ecosystem demonstrated robust growth through strategic listings: Assets including $YALA, $CARV, and $FLOKI debuted on major trading platforms, signaling expanding market engagement beyond established cryptocurrencies.