Why is Crypto Market Up Today? Ethereum Eyes New ATH, Altcoins Follow

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The global cryptocurrency market is climbing once again, with total market capitalization rising 2.23% to $4.29 trillion. Investor sentiment has turned bullish as both Bitcoin and altcoins post steady gains after a quiet trading week.

Altcoins are leading the latest rally and the Altcoin Season Index stands at 64 out of 100, reflecting stronger performance from major tokens outside Bitcoin.

BNB rose 4.55% to $1,219, gaining over 20% in a week. Solana advanced 2.27% to $236, continuing its climb, while Dogecoin and Cardano each added more than 2%. XRP also saw decent growth, rising 1.12% to $3.03.

Bitcoin Holds Steady, Market Sentiment Neutral

Bitcoin traded at $125,490, up 1.74%, with a market cap surpassing $2.5 trillion. Despite strong momentum, analysts expect a short-term cooling period before the next leg higher. The Fear and Greed Index sits at 59, meaning neutral sentiment and room for further movement.

Ethereum Could Be Next to Shine

Amid this market activity, analyst Michael van de Poppe believes the next major breakout could come from Ethereum. He noted that the sharp drop in Bitcoin dominance has fueled ETH’s surge from $1,500 to $4,800, and this could be “just the start.”

“A small uptick in the BTC dominance chart doesn’t mean altcoin momentum is over,” van de Poppe said. “The downtrend in Bitcoin dominance has only begun. After Bitcoin’s move, I expect a strong upwards push for Ethereum.”

He predicts that Ethereum could reach a new all-time high in October or November, strengthening the broader altcoin rally even further. The expert added that if Bitcoin corrects toward $121,500, it could be a healthy reset before a potential rally toward $150,000.