Bitcoin’s market share has declined to 61%, down from 65.5% last week, as major alternative cryptocurrencies posted significant gains. Ethereum surged 20% to $3,600 while XRP climbed 23% to $3.46 amid shifting capital flows.
Despite these rallies, analysts remain cautious about labeling current conditions a full altcoin season. Market dynamics have fundamentally shifted with the introduction of U.S. spot Bitcoin ETFs, providing investors novel exposure channels to cryptocurrency assets. Regulatory uncertainties and Federal Reserve monetary policy also continue affecting sentiment, with rate cuts not anticipated before September.
The Altcoin Season Index notably remains below the traditional threshold indicating widespread altcoin outperformance. However, optimism persists for select assets, with nearly 60% of Myriad Markets users projecting Ethereum will achieve new all-time highs within the year.