The cryptocurrency market is currently exhibiting strong momentum, with Bitcoin nearing its all-time high and altcoins also experiencing gains. This surge is attributed to the Senate’s approval of the GENIUS stablecoin bill, which has bolstered investor confidence throughout the market. Bitcoin is approaching the $109,000 mark, and analysts believe that surpassing this record could trigger a broader altcoin rally, pushing prices even higher.

The interplay between Bitcoin and altcoins is at a critical juncture, particularly concerning Bitcoin Dominance, which currently stands at 64%. This metric reflects Bitcoin’s market share relative to other cryptocurrencies and will significantly influence the market's future direction. Should Bitcoin’s dominance rise above this level, it may attract further capital to Bitcoin, potentially overshadowing altcoins. Conversely, a drop below 64% could pave the way for an altcoin surge.

Experts suggest that a sustained increase in Bitcoin’s price could maintain its dominance, thereby limiting gains for altcoins. However, if Bitcoin stabilizes or experiences a slight retreat, altcoins may gather momentum. Arthur Hayes predicts that altcoin season will not commence until Bitcoin exceeds $110,000. He forecasts that Bitcoin could reach between $150,000 and $200,000 by summer, with profits subsequently flowing into altcoins. Hayes also cautions that the upcoming altcoin rally may be more restrained compared to 2021, due to the weaker fundamentals of many older tokens.

Ethereum’s recent 34% rise against Bitcoin has fueled speculation about an impending altcoin season. However, key indicators suggest that this phase has not yet begun. In 2022, a significant Ethereum rally contributed to a widespread altcoin boom, where most top coins outperformed Bitcoin. Currently, the Altcoin Season Index remains low at 25, with only a small percentage of major altcoins outperforming Bitcoin.

Some analysts caution that a decline in Bitcoin dominance alone does not guarantee a shift to altcoins. Market volatility and ongoing macroeconomic uncertainties could drive investors back to Bitcoin as a safer asset. Consequently, the crypto market may stabilize with both Bitcoin and altcoins maintaining strength, rather than experiencing a dramatic shift. The coming weeks will be crucial in determining whether this breakout leads to a sustained bull run for the broader crypto ecosystem.