Bitcoin's dominance in the cryptocurrency market fell to approximately 61% from 65.5% last week, reflecting a shift in investor interest towards altcoins like Ethereum and XRP. Ethereum has experienced a notable surge, rising about 20% to $3,600, while XRP saw a 23% increase to $3.46, marking a record high. This trend has sparked speculation regarding the potential onset of an 'altcoin season' as altcoin prices rise following Bitcoin's recent peak. However, analysts, including Adrian Fritz from 21Shares, caution that a continued decline in Bitcoin's dominance is still uncertain and suggest that a definitive trend reversal is necessary for a sustained altcoin season to materialize. Current market dynamics may also be influenced by broader economic factors such as potential interest rate cuts from the Federal Reserve, which could provide extra liquidity and bolster altcoin momentum.

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