The Bitcoin Season is in full swing as BTC dominance increases, according to analysis.
Bitcoin surged to $107,108, approaching its all-time high, but with the continued bullish sentiment, it currently sits at $104,976. Only 32% of the top 50 altcoins have outperformed BTC in the last 90 days, marking a clear "Bitcoin Season" in the market. BTC dominance has increased to 63.92%, signaling traders' preference for Bitcoin over altcoins as the total crypto market capitalization declines.
The leading cryptocurrency, Bitcoin, briefly spiked above the $107,000 mark yesterday. It reached an intraday peak of $107,108, just 2% below its all-time high of $109,588, before pulling back.
Although the leading cryptocurrency has slightly retreated to $104,976 at the time of publication, market sentiment remains firmly bullish, with on-chain indicators suggesting a continued upward momentum.
According to data from Blockchain Center, the cryptocurrency market remains deeply in "Bitcoin Season," a period when BTC significantly outperforms the broader altcoin market.
The current trend indicates that traders are doubling down on BTC's resilience, especially as Bitcoin attempts to stabilize above the key $105,000 mark.