Bitcoin has pushed close to 83,000 dollars for the first time since late January, and the move is lifting sentiment across the crypto market. According to on chain analytics firm Santiment, this upward momentum is helping revive interest in alternative tokens and fueling early discussions about a possible altcoin driven phase.
Altcoins Gain Momentum as Bitcoin Clears Key Levels
Data shared by Santiment on May 6 showed several altcoins starting the week with gains, including Toncoin, Internet Computer, Cardano, SUI, ONDO, and Hyperliquid. The firm noted that Bitcoin’s move above 81,700 dollars has allowed profits to flow into projects that had seen little activity for some time.
Its internal data highlighted daily increases of up to 17 percent for Internet Computer and 16 percent for Toncoin, while ONDO and Cardano recorded more modest gains of around 5 percent. Over a seven day period, ONDO climbed roughly 23 percent, Internet Computer rose 16 percent, and Dogecoin added about 15 percent.
Zcash stood out as one of the strongest performers, jumping nearly 40 percent in just 24 hours and gaining about 76 percent over the past week, based on CoinGecko figures.
Market analyst Darkfost also pointed to improving conditions for altcoins. He noted that the total market capitalization of altcoins excluding Bitcoin and Ethereum has increased by about 15 percent since its February low.
Additionally, around 11.7 percent of altcoins listed on Binance have now moved back above their 200 day moving average, compared to only 2.3 percent earlier in February. He described this as an early sign of recovery.
Trading activity is also shifting. Altcoin volume on Binance has grown significantly, rising from 31 percent to 49 percent relative to the combined trading volume of Bitcoin and Ethereum over the past two months.
Altseason Still Not Fully Confirmed
Despite these encouraging signs, the broader market still leans heavily toward Bitcoin. Its market dominance remains around 58.6 percent, indicating that it continues to outperform most alternative cryptocurrencies.
Further supporting this view, CoinGlass’s Altcoin Season Index currently stands at 40 out of 100. For a true altcoin season to be confirmed, the index would need to rise above 75, meaning most altcoins would have to outperform Bitcoin over a sustained period.
In simple terms, the majority of altcoins are still trailing Bitcoin when viewed over a longer timeframe.
Interest in altcoins also appears concentrated in specific areas, particularly artificial intelligence related tokens, decentralized finance projects, and some older layer one networks that had previously been overlooked.
Darkfost described the current recovery as moderate, noting that while this kind of shift can sometimes lead to a stronger market rotation, there is no clear confirmation yet that a full altcoin season has begun.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
