Bitcoin has finally retaken $100,000, but it's altcoins driving the crypto markets forward on Thursday.

Some smaller cryptocurrencies have clocked double-digit gains as bullish momentum builds.

Ethereum has gained 9.2% over the past 24 hours at the time of writing, meaning it has the potential to break through $2,000 for the first time since March.

This marks a rare occasion where ETH is outperforming BTC, with the world's largest cryptocurrency, which has risen by a more modest 2.7%.

Both Dogecoin and Cardano have risen by more than 8%, with Sui rallying 13.8% and Bitcoin Cash trading 14.3% higher.

The top performer among the 100 biggest coins by market cap is Pudgy Penguins—up 27% since this time yesterday.

Thursday's gains have led to feverish speculation on X that "alt season" is coming, where altcoins outperform BTC.

But such talk might be a little premature—especially considering that Bitcoin's dominance, referring to its total share of the crypto market, remains stubbornly high at 64%.

Earlier this year, CryptoQuant analyst Ki Young Ju had warned that "the era of everything pumping is over," and "most altcoins won't make it."

He argued altcoins that are currently the subject of ETF filings—think XRP, Solana, Cardano and Litecoin—were most likely to outperform in 2025, along with "sustainable attention drivers" and "revenue-generating projects."

Santiment research recently revealed that mentions of "altcoins" and "altseason" on social media are growing on social media, and that could amount to a "red flag."



"History has actually shown that the most opportune entries into any sort of altcoin cycle are when the crowd is showing complete disinterest in altcoins," Brian Quinlivan wrote.

He went on to warn that "the transition from rational investing to speculative frenzy can be both swift and punishing," meaning traders should proceed with caution.

With Donald Trump's White House causing the markets to whipsaw as uncertainty over tariffs continues, it's difficult to compare this current crypto rally to past cycles. There's a sea of green today, but no guarantees of the same tomorrow.

Edited by Stacy Elliott.

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