In brief

  • Altcoins are outperforming Bitcoin on Thursday, with Ether up 11% and has broken past $2,000, while other cryptocurrencies like Sui and Bitcoin Cash have seen double-digit gains.
  • Despite growing social media buzz about "altseason," Bitcoin's dominance remains high at 64%, and analysts warn that increased mentions of altcoins could be a "red flag" for investors.
  • Market uncertainty continues due to Donald Trump's tariff policies, making it difficult to compare the current crypto rally to past cycles despite the current widespread gains.

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 11% over the past 24 hours at the time of writing and has broken 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%.

ETH price

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.

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.