Bitcoin finally hit $100,000 again, but it was altcoins that were really driving the crypto markets forward on Thursday.

Some smaller cryptocurrencies clocked double-digit gains as bullish momentum built.

Compared to their gains over the past 24 hours at the time of writing, Ethereum advanced 11%. The world’s second-smallest cryptocurrency also breached the $2,000 mark for the first time since March.

This marked a rare instance of ETH outperforming BTC, with the world’s largest cryptocurrency seen rising by a more modest 2.7%. Both Dogecoin and Cardano were up more than 8%, while Sui rallied 13.8% and Bitcoin Cash traded 14.3% higher.

Among the 100 biggest coins by market cap, the top performer was Pudgy Penguins—which was up 27% since this time yesterday.

Thursday’s gains sparked feverish speculation on X that "alt season" was coming, where altcoins outperform BTC.

But such talk might be a little premature—especially considering that Bitcoin’s dominance, referring to its total share of the crypto market, remained stubbornly high at 64%.

Earlier this year, CryptoQuant analyst Ki Young Ju had warned that "the era of everything pumping is over," and "most altcoins won't make it."

He argued altcoins that are currently the subject of ETF filings—think XRP, Solana, Cardano and Litecoin—were most likely to outperform in 2025, along with "sustainable attention drivers" and "revenue-generating projects."

Earlier this year, CryptoQuant analyst Ki Young Ju had warned that "the era of everything pumping is over," and "most altcoins won't make it."

He argued altcoins that are currently the subject of ETF filings—think XRP, Solana, Cardano and Litecoin—were most likely to outperform in 2025, along with "sustainable attention drivers" and "revenue-generating projects."

Recently, Santiment research revealed that mentions of "altcoins" and "altseason" are growing on social media, and that could amount to a "red flag."

"History has actually shown that the most opportune entries into any sort of altcoin cycle are when the crowd is showing complete disinterest in altcoins," Brian Quinlivan wrote.

He went on to warn that "the transition from rational investing to speculative frenzy can be both swift and punishing," meaning traders should proceed with caution.

With Donald Trump's White House causing the markets to whipsaw as uncertainty over tariffs continues, it's difficult to compare this current crypto rally to past cycles. There's a sea of green today, but no guarantees of the same tomorrow.