In recent weeks, the cryptocurrency market has shown unmistakable signs of an altcoin season, with numerous altcoins experiencing significant price surges. The frontrunner in this movement is Ethereum (ETH), which has seen its price rise by an impressive 8% within a single day, trading now at levels well above the pivotal $2,500 mark.
ETH’s Roll Continues
Just over a month ago, Ethereum faced a sharp decline, hitting a low of $1,400 on April 9—its lowest valuation in over a year. Following that downturn, ETH managed to rebound, yet struggled to consistently break through the $1,800 barrier. However, following the recent macroeconomic improvements and the implementation of the Pectra upgrade, the cryptocurrency’s price has embarked on a significant upward trajectory.
On a daily basis, Ethereum has recorded a nearly 9% increase, but its weekly performance is even more striking, boasting an impressive surge of almost 40%. This remarkable rally has placed ETH comfortably above the important psychological resistance level of $2,500.
Notably, several altcoins have followed Ethereum’s lead with substantial price increases. For instance, DOGE has made headlines with a 16% rise, now trading above $0.24, while other notable contributors to this altcoin resurgence include ADA, AVAX, LINK, SHIB, HBAR, TON, and PEPE.
Additionally, coins like PI, UNI, and NEAR have recorded double-digit gains in the past day. In contrast, LEO stands out as one of the few coins that has not shared in the recent bullish sentiment.
The total cryptocurrency market capitalization has surged by an additional $70 billion, now rising to a remarkable $3.470 trillion according to CoinGecko.
Bitcoin Back to $104K
While Bitcoin (BTC) has performed well during this recent market rally, its gains have been more modest. BTC has increased by less than 1% and trades above $104,000 after encountering resistance at $105,000 earlier. On a weekly scale, however, Bitcoin’s performance is on par with Ethereum’s, rising almost 9% and finally breaking through the long-held $100,000 threshold for the first time in over three months.
Despite this uptick, Bitcoin’s dominance over the altcoin market has been impacted significantly, dropping from approximately 62% just a few days ago to below 60% now—a clear indication of the growing strength of alternative cryptocurrencies. Bitcoin’s market capitalization continues to rise and is currently estimated at $2.070 trillion on CoinGecko.
