Altcoin Momentum Builds as Ether Treasuries Expand, Bitcoin Loses Edge
Altcoin season appears to be gaining traction as Ethereum and other layer-1 tokens outperform Bitcoin amid shifting market dynamics. The recent passage of the GENIUS Act in the U.S.—a regulatory framework for stablecoins—has fueled optimism around institutional adoption of Ethereum-based assets. Firms like SharpLink Gaming, Bitmine Immersion Technologies, and the newly formed Ether Machine are now building substantial ETH treasuries, collectively holding over 900,000 ETH. QCP Capital notes that treasuries are eyeing ETH, SOL, XRP, and ADA as foundational assets, much like BTC has been for firms like Strategy and Metaplanet.
Meanwhile, Bitcoin’s dominance is slipping as its price stalls near $120,000. Technical indicators on ETH/BTC and XRP/BTC pairs are flashing bullish signals, reinforcing the altcoin breakout narrative. Market sentiment could tilt even further toward Ethereum if U.S. regulators greenlight BlackRock’s proposal to add staking to its spot ETH ETF—potentially positioning ETH as a yield-bearing digital bond and attracting capital away from BTC-focused products.
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