Ethereum’s breakout above $4,300, coupled with gains in XRP, Solana, and Dogecoin, points to early signs of capital rotation away from Bitcoin.
BTC dominance has slipped from 62% to below 58% in recent weeks, and if altcoins maintain consistent outperformance, with the Altcoin Season Index showing 75% of top alts beating BTC over the past 90 days, it could mark the onset of a true altseason.
Ethereum’s record $238 billion in July transaction volume and accelerating Layer-2 adoption add weight to this shift.
In the short to medium term, Ethereum’s momentum looks bullish, poised to test $5,000 if it holds above $4,200, though a pullback to $3,600 remains possible if its overbought RSI (now 68.8) sparks profit-taking.
XRP, now above $3.10 and targeting $3.40, could push to $3.66 if momentum holds, though whale selling poses a risk.
Solana’s double-digit weekly gains put $200 within reach, while Dogecoin could climb to $0.20 if trading volumes stay elevated.
A confirmed altseason would require sustained altcoin outperformance, a rise in total altcoin market cap toward $1.5 trillion, and continued ETF inflows.
Ryan Lee, Chief Analyst at Bitget
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