Bitcoin returns to the 90,000 mark, alts market is turbulent

Bitcoin has recently broken through the $90,000 barrier again, driven by multiple factors behind this surge. The global economic and trade situation is becoming clearer, and senior officials from the U.S. Treasury have indicated that the tariff deadlock is difficult to maintain, with an expected turning point soon. At the same time, the political pressure faced by the Federal Reserve Chairman seems to have eased, causing fluctuations in market confidence in the dollar.

Against this backdrop, Bitcoin has demonstrated a unique market performance. It not only plays a hedging role during times of high political uncertainty, showing a high correlation with gold trends, but it also maintains an upward trend even after financial market sentiment improves, with a 12% increase over seven days. This performance reflects the diverse attributes of Bitcoin as a digital asset, capable of providing a safe haven during turbulent times while enjoying asset premiums when liquidity is abundant.

It is worth noting that the recent rise in Bitcoin has not led to a widespread rally in the entire cryptocurrency market. Bitcoin's market share has reached 64.2%, hitting a four-year high. This situation of "Bitcoin dominance" has sparked speculation in the market about when the altcoin season will arrive.

Although alts have performed poorly overall, there are still some tokens that have outperformed Bitcoin worth noting. By analyzing the top 100 tokens by market capitalization that have surpassed Bitcoin's performance in the last seven days, several noteworthy tracks can be identified:

1. Artificial Intelligence (AI): Despite experiencing an early bubble burst, the continuous development of Web2 AI may bring new opportunities for Web3 AI projects after being tested by the market.

2. Public Chain (L1): As the foundation of the ecosystem, high-performance public chains remain favored by investors, especially those projects that can bring substantial technological breakthroughs.

3. Meme Coins: As a carrier of culture and consensus, high-quality meme coins have already proven their existence value and influence in this bull market.

4. Decentralized Finance (DeFi): DeFi projects with real business models, especially those with token buyback mechanisms among leading protocols, may perform excellently when liquidity warms up.

However, the overall recovery of the altcoin market still needs to observe two key indicators: whether Bitcoin can stabilize above $90,000 and whether Bitcoin's market share begins to decline significantly. Currently, Bitcoin's market share has only slightly decreased by 0.2%, indicating that funds are still relatively concentrated. If this indicator significantly declines in the future, for example, falling to around 57%, it may signal that funds are spreading towards the altcoin market, and a rotation market is expected to unfold comprehensively.

At this critical moment, investors should closely monitor market trends and carefully select investment targets. The real altcoin boom requires both conditions to be met: Bitcoin must continue to reach new highs and funds must spread to other thematic tracks. Currently, it is an important period for observation, selection, and layout, and the trend of Bitcoin's market share will be an important indicator for judging the market direction.