Altcoin Season Ignites: XRP, Ethereum & Dogecoin Surge as Bitcoin Dominance Drops

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Altcoins are making some major moves as several indicators point toward the long-awaited altcoin season. The total crypto market cap crossed $4 trillion for the first time. As capital flows into altcoins and institutional interest grows through spot ETFs and on-chain assets, the altcoins season may finally be here.

Analysts note the explosive moves in altcoins like ETH, SOL, and meme coins as clear signs of a major shift. Ethereum has already crossed $3,600, posting a 20% gain over the past week. While other altcoins like Sui, Avalanche, Cardano, Dogecoin, and XRP have rallied between 15% and 20% during the same period.

Key Indicators Flash ‘Altseason’

According to Cryptorank, three key metrics show that a major shift is underway as investors rotate out of Bitcoin and into altcoins. Firstly, the Altcoin Index has jumped to 50 from just 15 a month ago. The sharp rise reflects strong altcoin performance and growing appetite for risk. Traders are actively seeking opportunities beyond Bitcoin.

The Altcoin Season Index rises when most of the top 50 coins (excluding Bitcoin) outperform BTC over a set period. Once the index crosses 75, it signals the start of a full-blown altcoin bull market.

Secondly, Bitcoin’s market dominance has dropped below 58%, down from 62% in less than a month, despite BTC hitting a new all-time high and holding steady around $120K. 

And finally, the Fear and Greed Index has been firmly held in the Greed zone since June 23. The high market confidence, combined with the FOMO, is pushing traders toward more volatile altcoins.

Technical Patterns Support a Breakout

Veteran trader Peter Brandt recently pointed to a classic cup and handle pattern on the altcoin market cap chart, which indicates a strong setup for a breakout. With the market cap nearing the $1.70 trillion breakout level, altcoins may be on the verge of a major surge.

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Top Analysts Weigh In

Crypto analyst Michaël van de Poppe says Ethereum looks strong, gaining 72% over Bitcoin since April. He believes the altcoin bull market is officially here. He expects ETH to slow down a bit soon, giving a chance to buy the dip before it moves higher. He also points to what he calls the “biggest bullish divergence ever” on altcoins, signaling the start of a major rally with plenty of upside still ahead.

While altcoin season offers massive upside, it comes with serious risks. Raoul Pal warns against chasing pumps, since altcoins tend to move in waves. Instead, focus on tokens that consistently beat BTC, ETH, and SOL on weekly charts. 

Expert Benjamin Cowen says most altcoins are weakening against ETH and BTC. While ETH may have bottomed, many altcoins could still fall. Liquidity may shift back to Bitcoin soon, but a few coins like XRP may already be stable.