Bitcoin Dominance Falls, Kicking Off Altcoin Season
According to Coinmarketcap, altcoin season has begun, with 75% of the top 100 tokens outperforming Bitcoin in growth dynamics over the past three months.
For example, the token representing the Pudgy Penguins digital collectibles (PENGU) has outperformed Bitcoin (BTC) by 17 times.
The Coinmarketcap Altcoin Season Index shows the start of the 2025 altcoin season.
Despite Bitcoin's surge to an all-time high of around $123,000 last week, it has since fallen below $117,000, along with its dominance, which has dropped to 60.6% at the time of writing. According to TradingView, the last time BTC dominance was at this level was in early March.
Even Ethereum (ETH), which had been underperforming for months, has outpaced Bitcoin over the past 90 days, with most of its growth occurring in the last week.
As of the evening of July 21, Bitcoin was trading around $117,000, down 1.2% over 24 hours and 2.2% over the week. Over the day, the price fluctuated between $116,779 and $119,523.
According to Coinglass, total open interest in BTC futures increased by 0.50% over 24 hours to $85.66 billion. Total Bitcoin liquidations amounted to $66.57 million in the last 24 hours, with $39.51 million in long positions and $27.06 million in short positions liquidated.
See also: "Bitcoin Price Today: Drops to $117K as Altcoins Retreat"
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