"Bitcoin Struggles Near $118K as Altcoins Climb and Dogecoin Soars"

2025-07-21 07:02
Blockmedia
Blockmedia
"Bitcoin Struggles Near $118K as Altcoins Climb and Dogecoin Soars"

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Altcoins Surge Past Bitcoin as Market Focus Shifts

The cryptocurrency landscape experienced a notable momentum shift on the 21st, as Bitcoin (BTC) continued to trade sideways near the $118,000 mark, while major altcoins soared across the board. This development suggested that market attention is gradually expanding beyond Bitcoin. The total cryptocurrency market capitalization witnessed a 1.91% increase over the past day, reaching an impressive $3.91 trillion.

As of 6:45 a.m. (EST), Bitcoin (BTC) was valued at $117,997, reflecting a modest 0.33% rise in the last 24 hours. However, Bitcoin’s market dominance faced a sharp drop, declining by 4.22 percentage points to 60.1%. In contrast, Ethereum (ETH) emerged as a frontrunner, with its dominance climbing by 2.49 percentage points to 11.6%, signaling robust market interest. Similarly, the combined market share of other altcoins rose to 28.3%, marking a 1.72 percentage-point increase as altcoins continued to gain traction.

This shift in market dynamics highlights the growing fascination with altcoins, as investors look to diversify their cryptocurrency holdings beyond Bitcoin. Among the top gainers, Dogecoin (DOGE) led the charge with a stellar 12.54% surge over the last 24 hours, hitting $0.2696. Over the past week, DOGE has posted an impressive 36.40% rally. Ethereum (ETH) also made significant strides, climbing 5.72% to reclaim a price of $3,761. Other key performers included XRP, which rose 3.14% to $3.49, Solana (SOL), up 3.54%, and Cardano (ADA), advancing by 5.71%.

Market analysts attribute this altcoin rally to several driving factors, including Bitcoin’s waning market dominance, rising investor focus on portfolio diversification, and heightened liquidity across the cryptocurrency market. The 24-hour trading volume reflected this increased activity, surging by 26.29% to hit $168.56 billion. This spike underscores the elevated demand for cryptocurrencies beyond Bitcoin.

Further cementing this trend, the Alternative Crypto Fear & Greed Index—an influential metric for gauging market sentiment—stood at 68, signaling "Greed." This indicates a healthy appetite for risk among investors, which is likely to sustain capital inflows into altcoins in the near future.

The current market environment suggests that the altcoin rally has the potential for further continuation. As investors increasingly look for opportunities outside of Bitcoin, the focus on diversifying portfolios and leveraging the relative strength of altcoins is expected to become a dominant theme within this rapidly evolving sector.


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