A historic surge in XRP to a new all-time high of $3.65 has catalyzed significant upward movements in several prominent altcoins. This milestone, achieved after seven years, signals potential early momentum for an altcoin season despite Bitcoin maintaining its dominance above 60% in the cryptocurrency market capitalization rankings.
Ethereum Classic (ETC), Litecoin (LTC), and Bitcoin Cash (BCH) emerged as notable beneficiaries of the renewed altcoin interest. ETC surged 20.3% within a 24-hour period, while LTC and BCH also recorded strong gains. This activity points to investors showing renewed confidence in established coins beyond the market leaders.
Market observers note a cautious rotation of capital into altcoins following Bitcoin’s recent peak. This rotation occurs against a backdrop of increased institutional engagement and legislative progress, including fresh capital injections spurred partly by the U.S. House of Representatives passing the Financial Innovation and Technology for the 21st Century Act (FIT21).
Further highlighting the broad altcoin gains, Uniswap (UNI), Dogecoin (DOGE), and Hedera (HBAR) also posted significant gains, rising 17.5%, 11.3%, and 7.6% respectively. The collective bounce underscores a shift in trader focus towards cryptocurrencies lying outside the top market cap positions.