As Bitcoin (BTC) inches closer to $100,000, its dominance has slightly declined, allowing large-cap altcoins to gain double-digit daily gains. This could signal the start of the altcoin season. The news of Gary Gensler’s resignation as US SEC chairman fueled this price surge, with XRP, DOGE, ADA, and XLM all making significant gains.
Bitcoin Dominance (BTC.D) peaked at 60.1% but has since declined, giving altcoins a chance to claim their share of the total market capitalization of cryptocurrencies. The Altcoin Season Index now measures at 32, moving out of Bitcoin Season territory. In the wake of this potential altcoin season, large-cap altcoins have witnessed a price surge, with Ripple (XRP) and Stellar (XLM) leading the way.
XRP gained over 12% in the past week, reaching a day-high of $1.62, while XLM gained over 58% in the past day. Cardano (ADA) has also experienced significant growth due to an updated proposal for the Cardano Constitution to improve network governance. Dogecoin (DOGE) crossed $0.40 in reaction to Gensler news, and Husky Inu (HINU) is expected to benefit from the timing of this potential shift in the crypto market.