When a token representing a family of digital collectibles named “Pudgy Penguins” (PENGU) outperforms bitcoin ( BTC) seventeen-fold, it’s safe to say altcoin season has arrived. At least that’s how crypto data provider Coinmarketcap objectively identifies the market phase where three quarters of the top 100 coins outpace the dominant cryptocurrency over a 90-day window.
(Coinmarketcap’s Altcoin Season Index suggests we may be at the beginning of a 2025 altcoin season / Coinmarketcap)
Despite soaring to an all-time high of roughly $123,000 last week, bitcoin has since tumbled below $118K, and so has its dominance, which, as of this writing, has dropped to 60.6%. The last time BTC dominance fell to that level was in early March, according to data from Tradingview.
But now even ether ( ETH), which had languished in the red for months, has outperformed bitcoin over the past 90 days, with most of that price appreciation occurring just last week. Other tokens, representing lighthearted themes such as Fartcoin and Pepe have also skyrocketed, pushing bitcoin dominance down, and starting what looks to be 2025’s altcoin season.
Bitcoin, at the time of reporting, is trading at $117,679.88, down by 0.72% over 24 hours and lower by 1.52% for the week. The cryptocurrency has traded between $116,550.14 and $119,671.56 since yesterday.
( BTC price / Trading View)
Twenty-four-hour trading volume climbed to $64.84 billion, a 39.14% jump, mostly due to the post-weekend surge. BTC’s market capitalization dropped slightly by 0.61% to $2.34 trillion. Bitcoin’s dominance, as mentioned above, has continued to decline, coming in at 60.6%, after easing 0.44% since yesterday.
( BTC dominance / Trading View)
Total open interest for BTC futures over the past 24 hours edged up by 0.50% to $85.66 billion, according to Coinglass. Total bitcoin liquidations since yesterday stood at roughly $66.57 million. Long positions had $39.51 million wiped out while shorts had a relatively smaller $27.06 million in liquidations.
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