Bitcoin vs. altcoins: Where will Q3 crypto gains come from?

Key Points

1. Bitcoin (BTC) is consolidating at the $120k support level, but a 1.47% intraday pullback indicates weak follow-through momentum.

2. BTC's market cap retraced from $2.46 trillion to $2.41 trillion, while the broader crypto market slipped from $4.20 trillion to $4.15 trillion, with the pullback being almost entirely BTC-driven.

3. Bitcoin dominance (BTC.D) has declined from 65% to 59% over the past two months, despite BTC rallying 15% to a $123K all-time high.

4. Altcoins like Ethereum (ETH), Ripple (XRP), and Solana (SOL) have shown significant gains, with ETH up 25.5%, XRP gaining 16.2%, and SOL rising 13.6% in 7-day returns.

5. TOTAL2 (market cap excluding BTC) has breached $1.65 trillion for the first time since 2021, signaling relative strength in altcoins.