With Bitcoin at a New High, These Are the Altcoins to Watch Now

• After Bitcoin hit a new all-time high, a capital rotation into major altcoins like ADA and XRP has begun
• Cardano (ADA) is leading the charge, surging nearly 20% in the last 24 hours amid the market shift
• The move is seen by analysts as the potential start of a new “altseason” for the crypto market

Bitcoin reached a new all-time high (ATH) today (multiple times), and is now sitting at around $118k. The most well-known cryptocurrency has experienced a constant boost in the last few days, with a roughly 6.5% gain in the last 24 hours.

The recent surge is likely due to a mix of several elements, such as persistent institutional inflows, especially from spot Bitcoin ETFs, or even retail FOMO (fear of missing out) triggered by the ATH headlines.

According to Coinglass, Bitcoin futures open interest has climbed to $84.79 billion, pointing to huge levels of leverage. At the moment, the top 3 exchanges by open interest are CME ($18.35 billion), Binance ($14.25 billion), and Gate ($8.85 billion).

As a reminder, Bitcoin open interest refers to the count of all the live agreements for buying or selling Bitcoin at a future price. It serves as a measure of the funds actively engaged in Bitcoin derivatives.

Because Bitcoin is doing so well, the Crypto Fear and Greed Index is sitting at 71 (according to alternative.me), which is a little below the ‘Extreme Greed’ section, showing just how euphoric investors have become.

This metric is used to help traders and investors gauge whether the market is driven by fear (potentially undervalued) or greed (potentially overbought). 

Top altcoins to watch today

With Bitcoin on the rise, altcoins could soon follow, or at least that is what many hope. However, the Altcoin Season Index metric is currently at a very low 29, meaning that Bitcoin’s performance is vastly above most altcoins. 

The index works in a way that if 75% of the top 100 altcoins outperform Bitcoin in the last 90 days, it’s considered altcoin season. Yesterday, the index was at 30, but some altcoins are potentially on the up and up, so the index may change in the future.

Still, despite the low index number, some altcoins are showing a lot of promise. Each of CoinMarketCap’s top 20 (measured by the market cap) is showing gains in the last 7 days and 24 hours.

Cardano (ADA) experienced the biggest boost in the last 24 hours with an almost 20% increase. Hedera (HBAR), Stellar (XLM), Hyperliquid (HYPE), Dogecoin (DOGE), XRP, and Polkadot (POL) all saw over a 10% increase in the same period. 

Other notable boosts include SHIB at 8.85%, AVAX at 8.5%, SUI at 8%, ETH at 7.5%, Litecoin at 5.7%, and SOL at 5%.