Bitcoin Breaks $90,000 Again, Alts Market Gearing Up

Recently, Bitcoin has surpassed the $90,000 mark, returning to high levels. This surge is mainly driven by two factors: first, the tariff issues are expected to ease, as a senior official stated that the tariff deadlock is unsustainable and the situation is expected to improve; second, there is an increasing call from relevant parties for the central bank to cut interest rates, leading to a shake in market confidence in the dollar.

The recent rise of Bitcoin demonstrates the characteristics of a safe-haven asset, with its movement highly correlated to gold. At the same time, as market confidence recovers, Bitcoin also benefits from a liquidity spillover effect, with a seven-day increase of 12%.

It is worth noting that during this round of Bitcoin's rise, alts have not risen in sync. Bitcoin's market share reached 64.2%, hitting a four-year high. Although the overall performance of alts lagged behind, there are still some coins that performed better than Bitcoin, which is worth paying attention to.

By analyzing the coins among the top 100 tokens by market capitalization that have recently outperformed Bitcoin, we can summarize several noteworthy tracks to pay attention to:

1. AI: Although the initial bubble has burst, with the continuous development of Web2 AI, Web3 AI projects have undergone a round of reshuffling, and the current valuations are relatively cheap, with the potential to attract liquidity in the future.

2. L1 Public Chain: The development of public chains determines the upper limit of ecological projects, capable of capturing a large amount of liquidity. Investors are more concerned about emerging public chains that can bring real applications.

3. Meme coins: As a carrier of consensus and culture, meme coins have become a prominent subject in this cycle. Leading meme coins can be seen as leveraged versions of blockchain coins, easily generating wealth effects.

4. DeFi: has real business models, such as trading, lending, yield farming, etc. Leading DeFi projects have network effects, and buyback mechanisms enhance token demand.

Currently, although Bitcoin has surpassed $90,000, its market share has only slightly decreased by 0.2%, indicating that funds are still concentrated in Bitcoin. If Bitcoin's market share significantly declines in the future, such as falling back to around 57%, it will signal a spread of funds into the altcoin market, and a rotation market may fully unfold.

Investors should closely monitor the changes in Bitcoin's market share. A true altcoin season not only requires Bitcoin to continuously reach new highs but also needs an increase in risk appetite, with funds spreading from Bitcoin to other thematic tracks. This is currently a key period for observation, selection, and positioning.