Ethereum and Cardano Lead Altcoin Rally as Bitcoin Dominance Slides

Bitcoin tagged a new all-time high of $124,128 on Thursday, and Ethereum is now knocking on the door of its own record. This strength at the top is now fueling a move into altcoins, with Cardano (ADA) exploding over 16% in the last 24 hours to trade at .

These set of on-chain signals are also being backed by real-world interest. Data from Google Trends shows that global has surged to a new all-time high, surpassing the peaks of 2018 and 2021. At the same time, the Altcoin Season Index has climbed to 53, a clear sign of rising demand from FOMO (fear of missing out) traders.

So how high for ETH?

According to , the parabolic phase of the 2025 crypto bull cycle will happen in the coming weeks. The crypto analyst highlighted the recent drop in Bitcoin dominance below an established multi-year rising logarithmic trend.

Notably, Dan compared the recent Bitcoin dominance drop below 60% to the onset of the pre-2021 altseason. Moreover, the Bitcoin dominance drop to 59% today has coincided with the bearish signals from the weekly MACD indicator.

The crypto analyst pointed to the recent bullish breakout for Ether after a multi-year triangular consolidation as the ultimate indicator for an altseason 2025. Furthermore, on-chain data analysis shows a strong demand for Ether by institutional investors led by corporate investors implementing treasury strategy and the U.S. spot ETH ETFs.

As Cardano’s price is well-positioned to rally exponentially in the coming months fueled by the upcoming Midnight upgrade. The notable capital rotation to large-cap altcoins has favored the ADA price, which has gained over 34% in the last seven days.

According to Gambardello, the Cardano price has formed a similar fractal pattern to the 2021 macro bullish breakout. However, the crypto analyst highlighted that the ADA price has gained bullish momentum slowly compared to the 2021 rally, which was dominated by retail traders.

What about Bitcoin?