Ethereum fuels altcoin momentum as Bitcoin holds $119K
Main Idea
Bitcoin consolidates around $119,000 while Ethereum and other altcoins gain momentum, with market attention shifting towards altcoins due to Bitcoin's range-bound performance.
Key Points
1. Bitcoin was hovering near $119,000, up 0.3% after last week’s all-time high of $123,166, while several large-cap cryptocurrencies like Ether, XRP, Solana, and Dogecoin outperformed Bitcoin.
2. Ether rose 3.5%, XRP gained 3.1%, Solana surged 6.3%, and Dogecoin rallied 8.7%, indicating a shift in market focus towards altcoins.
3. Bitcoin’s dominance dropped from 66% to below 60%, facilitating further money flow into altcoins, with the total altcoin market cap rising 2.5% to $1.66 trillion.
4. Analyst Gert van Lagen projects Ethereum could climb toward $8,000 by early 2026, with a long-term target of $18,000 if current trends continue.
5. Conflux (CFX), Pudgy Penguins (PENGU), and Ethena (ENA) were top performers, with CFX up over 30%, PENGU up 21.7%, and ENA posting significant gains.
Description
Bitcoin traded throughout most of today’s Asian trading session despite market euphoria around the signing of the Genius Act. In the meantime momentum continued favoring altcoins with Ethereum leading the charge. The total crypto market capitalization had rallied nearly 2.5% to $4.05 trillion when writing, with the crypto fear and greed index still hovering over 70 within greed territory but down one point from the previous session. In contrast, the altcoin season index, which tracks the perform...
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