Altcoin market remains in Bitcoin season as rallies diverge

  • Ethereum, Solana, XRP, BNB and Jupiter declined after the August rally.
  • Bitcoin dominance reached 59.29%, while the altcoin index stood at 40.
  • Tron, Aptos and Kaspa gained 2.7%, 6.4% and 23%, respectively.

The altcoin market remained tilted toward Bitcoin after the August rally, with Ethereum, Solana, XRP, BNB and Jupiter declining despite developments that could support their ecosystems. Ethereum fell about 2% as Bitmine added 28,086 ETH, bringing its treasury to nearly 4.9% of Ethereum’s supply, while spot ETH ETFs recorded $218 million in inflows. Solana dropped 4% despite activating its Transaction V1 upgrade, and DeFi Development Corp. raised $11 million to buy SOL; spot SOL ETFs nevertheless saw modest outflows. XRP declined more sharply even as RLUSD’s market capitalization exceeded $2.3 billion, while BNB fell 1.5% and JUP slipped 0.7%. BNB Chain held about $1.267 billion in tokenized stocks, representing 44.6% of the market, while Jupiter expanded into tokenized assets. Tron gained 2.7% after Canary Capital launched TRXS, described as the first spot-staked TRON ETF. Aptos rose 6.4% after Bitwise filed an S-1 for a potential spot Aptos ETF, and Kaspa surged 23% as its circulating supply approached 96.5% of its hard cap. The new source puts the altcoin season index at 40, while the existing record cites a CoinMarketCap reading of 41; both remain below the 75% threshold used to define altcoin season. Altcoin open interest has surpassed Bitcoin’s for the first time since December 2024, even as Bitcoin traded at $76,751.69, down modestly over 24 hours but up more than 22% over the past month. Bitcoin dominance stood at 59.29%, up 0.18%, and its test of 60% resistance remains unconfirmed as a possible precursor to another altcoin rally.

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