Bitcoin's Dominance Showing Cracks as Altcoins Ignite - See Which Tokens Are Outperforming

After weeks of leading the charge, Bitcoin's dominance is showing cracks—creating space for altcoins to reemerge with strength.

After weeks of stellar performance and leading the crypto market higher, Bitcoin’s dominance is showing cracks—creating space for altcoins to reemerge with strength.

While the top cryptocurrency trades near $103,700 following a meteoric rise from $74,500, the real action may now be unfolding elsewhere in the market.

Ethereum has ignited fresh interest after a stunning 50% weekly rally, quickly adding another 10% on Monday to hit new 2024 highs. This has reignited conversations around a potential altcoin breakout phase, an occurrence closely followed by crypto traders.

Analysts are watching ETH’s technical indicators closely, with its 200-week moving average recently aligning with the 50-week moving average. This technical setup, known as a golden cross, is often viewed as a bullish signal, suggesting that the current trend could continue. Similar signals are forming across other large-cap tokens, like Solana (SOL) and SHIB, hinting at a possible shift in market leadership.

‘Still Room For A Breakout’

XRP, still basking in the legal clarity post-SEC case and new partnerships, is seen hovering around $2.49 and gaining attention as it approaches its long-standing peak of $3.40, last seen in 2017.

Cardano, often the quiet outperformer, is also drawing new eyes as it expands into privacy tech with its Midnight project—an effort some believe could help attract a new wave of users to the ADA chain. The project, focused on zero-knowledge proofs, is seen as key to unlocking new use cases for Cardano and expanding its role in the DeFi ecosystem.

ADA is still seen trading significantly below its all-time high of $3.90, currently observed at $0.79.

Meanwhile, other undervalued names are being spotted by traders. Hedera and Quant, both still historical highs reached in 2021, are being touted as potential comeback candidates. With HBAR at $0.20 and QNT at $95, some see both names having huge potential for a short-term rebound as the market prepares for its next leg up.

Although the broader crypto market sentiment remains bullish—evidenced by the Crypto Fear and Greed Index holding firm in the 70s, suggesting traders are feeling largely optimistic, some are bracing for a cooling-off period.

A short-term Bitcoin correction to around $98,000 is viewed by many not as a concern, but as a natural breather following the huge gains seen in March. Should that happen, some suggest we could see altcoins accelerate their run further as capital rotates out of Bitcoin into higher-beta plays.

But market watchers agree: if this is the early stage of an altseason, it’s being led by solid fundamentals and strong technical setups—not hype alone.