The cryptocurrency market has witnessed a recent surge, with Bitcoin hitting a new high of $69,324 on March 5th before facing a correction. However, the greater narrative has been the outperformance of altcoins, particularly meme-themed and AI-focused projects, signaling a potential shift in market dynamics. This development has sparked discussions on whether the market is entering an ‘altcoin season.’
Bitcoin’s Peak and Market Growth
Bitcoin’s sudden increase to over $69,000 briefly pushed the total value of the global cryptocurrency market beyond $2.5 trillion. Currently, the market capitalization stands at $2.52 trillion, according to the latest CoinMarketCap data.
Altcoin Market Value Surges
Altcoins have shown remarkable strength, their combined market value surpassing $1.1 trillion on the day Bitcoin reached its peak. With a 64% growth over three months, altcoins outdo Bitcoin’s 56% increase, indicating rising investor interest and the robust performance of these cryptocurrencies.
Memecoins have led the charge with significant gains, as seen with Dogecoin climbing by 20% and Shiba Inu soaring by 130%. Emerging coins like Pepe, Bonk, and dogwifhat have registered impressive double to triple-digit gains.
Artificial intelligence-related tokens such as Fetch.ai, Synesis One, SingularityNET, and Theta Network have also experienced major gains. In contrast, Bitcoin’s increase during the same timeframe was a modest 8.5%.