Leading altcoins Ethereum (CRYPTO: ETH), Cardano (CRYPTO: ADA), and Binance Coin (CRYPTO: BNB) hit fresh all-time highs on Monday, as Bitcoin’s market dominance fell to a three year low of 43%.
What Happened: Ethereum gained 12% overnight to hit a new high of $4,165 earlier today, pushing yearly returns for the second-largest cryptocurrency past 2000%.
Year to date, Ethereum has outperformed Bitcoin by 141%, and its market dominance rose to a three-year high of 19%.
ETH wasn’t the only altcoin to trade higher against Bitcoin.
Cardano’s native cryptocurrency ADA rose as high as $1.83 on several major crypto exchanges, outperforming Bitcoin by 419% year to date.
Crypto exchange Binance too saw its native token Binance coin (BNB) record a new high earlier today.
BNB surged to $690 as 24-hour trading volume increased 10% to $4.7 billion, according to data from CoinMarketCap.
Why It Matters: With leading altcoins growing steadily as Bitcoin struggles to find support above $58,000, market momentum looks poised for “alt season” to come into full effect.
See also: What Is Cardano?
According to one cryptocurrency analyst, the price movement of these large cap altcoins indicates a new phase of the current altcoin season.
Everyone wants to know where we are at in my "Path to Altseason" chart.— Secrets (@SecretsOfCrypto) May 6, 2021
We're in the Phase 2-3 overlap. Large caps are starting to move. Phase 2 has heated up and we're seeing early signs of Phase 3. PHASE 3 incoming! pic.twitter.com/tCZdNx995c
“We're in the Phase 2-3 overlap. Large caps are starting to move. Phase 2 has heated up and we're seeing early signs of Phase 3. PHASE 3 incoming,” said the analyst known as “Secrets” on Twitter.