• Ethereum surged 11% in 24 hours, breaking above $2,000 for the first time since March.
  • Pudgy Penguins led altcoin gains with a 27% rise, topping the 100 largest coins by market cap.

Bitcoin has reclaimed the $100,000 mark, but Thursday’s real momentum lies with altcoins. Ethereum surged 11% in the past 24 hours, breaking past $2,000 for the first time since March, a rare instance where ETH outpaces BTC, which climbed by a more modest 2.7%.

Smaller cryptocurrencies have also joined the rally. Dogecoin and Cardano both posted gains of over 8%, while Sui jumped 13.8%. Bitcoin Cash followed closely with a 14.3% increase.

Leading the altcoin charge is Pudgy Penguins, which saw a remarkable 27% gain in just 24 hours, making it the top performer among the 100 largest cryptocurrencies by market cap.

Altseason Buzz Builds Amid Market Uncertainty

Social media is abuzz with speculation that a long-awaited altseason could be underway, a phase in which altcoins significantly outperform Bitcoin. Yet, despite the current surge, analysts urge caution.

Bitcoin’s dominance remains high at 64%, dampening hopes of a full-blown altcoin cycle. Analysts like Ki Young Ju from CryptoQuant have previously warned that “the era of everything pumping is over,” predicting only select altcoins, particularly those tied to ETF filings or with strong fundamentals, would outperform in 2025.

Santiment’s recent research echoed this cautious tone. With growing mentions of “altcoins” and “altseason” online, Brian Quinlivan warned,

“History has actually shown that the most opportune entries into any sort of altcoin cycle are when the crowd is showing complete disinterest in altcoins.” He added that “the transition from rational investing to speculative frenzy can be both swift and punishing.”

While Thursday’s rally has injected optimism into the market, external pressures persist. The uncertainty caused by Donald Trump’s tariff policies continues to create volatility, making comparisons to previous crypto cycles unreliable.

Edited by Harshajit Sarmah