#山寨季来了？# Alts surged significantly last week, while Bitcoin (BTC) remained near record levels, shifting market leadership towards higher beta tokens. Bitcoin reached an all-time high of 123,054 dollars, rising 65% from April's lows, before entering a sideways range between 116,000 and 120,000 dollars. As the flagship crypto asset enters a consolidation phase, its share of the total market capitalization of crypto assets has decreased by 6.9% after the dominant index fell for seven consecutive days, marking the largest decline since December 2023. This contraction in dominance without a simultaneous BTC sell-off has historically signaled the beginning of an altcoin dominance phase.

Ethereum (ETH) rose 19.45% this week, while XRP increased by 21.4%. Meanwhile, the market index excluding stablecoins and the top ten assets (referred to as the "others" index) rose by 35%, equivalent to about $85 billion. Solana (SOL) also performed well, as traders sought greater upside potential by drawing liquidity from Bitcoin. The breadth of this move indicates that, in addition to early-cycle BTC accumulation, there is broader participation, which is a typical pattern of mid-term expansion as investors increase their risk tolerance. Despite losing relative share, Bitcoin's trading price remains above the cost basis of 95% of circulating tokens. Market outlook market mechanisms suggest a baton pass rather than a reversal.
Bitcoin has maintained a supportive bottom in the consolidation above the realized cost, but as capital rotates, the relative momentum depends on the alts. Whether the rotation continues will depend on Bitcoin's sustained spot demand and the continuous liquidity of the large-cap tokens. Currently, performance differences define the landscape, with alts taking the lead while Bitcoin digests its early gains.