With Bitcoin (BTC) holding just under its all-time high Monday morning, altcoins have posted gains in recent days—albeit with most tokens still a fair distance from their peaks.
Avalanche (AVAX) is one of the biggest altcoin winners on the day, climbing 5.8% to $23.67 over the past 24 hours in the wake of last week’s London Avalanche Summit. During the event, it was announced that the soccer governing body FIFA will migrate its FIFA Collect NFT platform to its own dedicated Avalanche layer-1 blockchain. However, AVAX remains down 83.7% from its all-time high reached in 2021.
World (WLD), previously Worldcoin, is one of the biggest altcoin winners from the week, jumping 27.2% to $1.38. This comes in the same month that the eyeball-scanning project was rolled out across the U.S., after previously barring Americans from participating in the World ID system. Again, the token is some way off its all-time high, down 88.2% from its peak in March 2024.
Conversely, Hyperliquid (HYPE) has set a new all-time high of $39.68, soaring 50.4% over the past seven days.
The move comes as a self-defined high risk leverage trader known as James Wynn made a $1 billion Bitcoin (BTC) bet via the Hyperliquid’s perp decentralized exchange—which they supposedly closed at a massive loss. Wynn has since opened a near $75 million leveraged long on Bitcoin (BTC) and a $19.3 million long on meme coin KPEPE, according to HypurrScan.
Other altcoins have seen gains over the past 24 hours. Bittensor (TAO) has surged 6.4%, Optimism (OP) has grown 5.6%, Arbitrum (ARB) 4.7%, Aptos (APT) 5.1%, and Internet Computer (ICP) 4.5%. Still, all of these altcoins remain some distance from their all-time highs.
Meanwhile, Bitcoin (BTC) has climbed just 2.2% to $109,779 and is within touching distance of its all-time high of $111,814 that it set four days ago.
Much of this green movement came after President Trump announced that the U.S. would delay its 50% tariff on European Union goods. In April Trump originally planned to impose a 20% tariff on the EU, later reducing it to 10%, and on Friday he threatened to raise the tariffs to 50% on June 1. The new deadline of July 9 allows additional time for the U.S. and EU to negotiate.
Bitcoin dominance has been on the rise since late 2022, according to CoinGecko, with the orange coin then claiming 36.95% of the top 10 crypto market cap and now sitting at 61.12%.
eToro Australia analyst Reece Hobson previously told Decrypt that altcoin season will kick off once quantitative easing kicks in and Bitcoin dominance hits 70%, a figure it isn’t too far from—which could go some way towards explaining why altcoins are starting to pick up the pace.
