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Dogecoin Soars 13% as Ethereum, Chainlink, and Shiba Inu Lead Altcoin Rally

While Bitcoin (BTC) hovers near its recent highs with minimal price movement, altcoins are stealing the spotlight, spearheaded by Ethereum (ETH) and Dogecoin (DOGE). With Bitcoin’s market dominance gradually slipping, experts speculate that the crypto market might be gearing up for a full-fledged "altcoin season," characterized by significant capital inflow into alternative cryptocurrencies that move beyond Bitcoin.

As of 8:30 a.m. local time on October 21, Bitcoin was trading at KRW 160.16 million (-0.8%) on South Korea's Upbit exchange and $27,284 (-0.45%) on Binance. Despite Bitcoin's steady performance, several altcoins have posted impressive gains. Ethereum saw a 4.6% surge, Solana (SOL) climbed 2.2%, and Dogecoin emerged as the star of the show, experiencing a remarkable 13% price increase.

Over $388 Million Liquidated in Crypto Futures Amid Market Volatility

Data from Coinglass highlights the sheer volatility in the cryptocurrency market. Over the past 24 hours, futures traders saw approximately $38.88 million (about KRW 51.5 billion) in Bitcoin positions liquidated, with 58% being long positions. Across the entire market, liquidations totaled a massive $358.8 million (roughly KRW 499.3 billion). Notably, Ethereum accounted for $147.84 million (around KRW 206 billion) of this, marking the highest liquidation value for a single asset over the same period.

Altcoins Regain Momentum Amid Bitcoin’s Consolidation

As Bitcoin stabilizes, altcoins are showing clear signs of resurgence. CoinMarketCap’s Altcoin Season Index, which tracks the performance of altcoins relative to Bitcoin over the past 90 days, presently stands at 52. Although the threshold of 75, which would officially signify an "altcoin season," hasn't been reached, the index has surged by an impressive 150% in the last month. This uptick reveals growing investor interest in altcoins across the crypto market.

Complementing this shift, Bitcoin’s market dominance—its proportion of the entire cryptocurrency market capitalization—has dropped by 6.05% within the same period. This decline is fueling speculation about a broader movement of capital into alternative digital assets.

Analysts Attribute Altcoin Rally to Institutional Momentum, Not Hype

Experts assert that the current altcoin rally stems from structural market shifts rather than short-lived speculative bets. Institutional adoption is accelerating, and Ethereum appears to be at the center of this transition. Industry specialists believe that if Bitcoin's market dominance drops further, small- and mid-cap altcoins could soon join the bullish trend.

John Pearson, Research Director at Messari, observed, "This altcoin rally reflects genuine ecosystem innovation, not mere speculative trading. Institutional capital continues to flow into assets like Ethereum, which demonstrate long-term utility and value."

Dogecoin Gains Traction Among Institutional Investors, Signals Long-Term Potential

Even memecoins like Dogecoin are starting to attract institutional attention, reshaping their reputation in the digital asset landscape. Blockchain-focused investment firm BitOrigin recently secured $500 million to expand its cryptocurrency positions, with Dogecoin now part of its strategic holdings. As companies increasingly pursue direct crypto investments through asset-backed securities such as stocks or bonds, Dogecoin is transitioning from a purely speculative token to one with clear medium-to-long-term demand.

Peter Lewis, an analyst at Glassnode, noted, “Although the market hasn't fully entered altcoin season yet, large-cap assets such as Ethereum and Chainlink (LINK) are leading the charge. If Bitcoin’s dominance falls below 58%, the current trend could extend into smaller altcoin segments."

Investor Sentiment Dips Slightly Despite Persistent Bullishness

One key gauge of investor enthusiasm, the Fear & Greed Index, recently registered a score of 72 ("Greed")—down slightly from the previous day's reading of 74. This index, ranging from 0 to 100, measures overall sentiment in the cryptocurrency market, where higher values indicate strong buying activity and lower values suggest market caution.

While the index’s current level highlights sustained bullish momentum, the marginal decline hints at a cautious approach among some investors as they evaluate the longevity of the ongoing rally. Thus, even in the face of optimism, market participants appear mindful of possible corrections.

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