Altcoins are gaining ground against Bitcoin, according to today’s CMC Altcoin Season Index reading of 61 out of 100, which places the market in a neutral zone that leans toward altcoin season. The trend is mixed, but the balance is shifting toward altcoin rotation as capital begins to move beyond Bitcoin.

Bitcoin dominance slipped to 58.6%, down 0.12 points over 24 hours, while the Altcoin Season Index rose to 61/100, up 1.67% in 24 hours and 165% over 30 days. This suggests a gradual transfer of capital from Bitcoin to altcoins, although Bitcoin still accounts for more than half of the market’s total value. The rotation appears early and incomplete, and investors seem to be testing higher-risk assets cautiously.

Specific narratives are driving sharp moves in select altcoins. Moonriver surged 73% on renewed Kusama and EVM interest. Midnight climbed 20% as chatter around privacy smart contracts increased. Stacks rose 15% amid optimism about the Nakamoto upgrade and Bitcoin DeFi. These gains show that speculative capital is concentrating in privacy and Bitcoin Layer 2 themes, which are now among the clearest areas of altcoin momentum.

Market sentiment and liquidity are supporting this risk appetite. The Crypto Fear & Greed Index remains at 67, indicating Greed. Spot volume increased 8.6% to $99.2 billion over 24 hours, while derivatives open interest fell. That combination points to reduced leverage but still healthy trading activity, which can help sustain altcoin rallies without necessarily creating extreme volatility.

Altcoins are beginning to outperform Bitcoin, helped by sector narratives and improving liquidity. Even so, Bitcoin’s dominance remains historically elevated, so the rotation is still in an early stage. A sustained move above 75/100 on the Altcoin Season Index would provide stronger confirmation that a full altseason has arrived.