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2 months ago
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BTC only mounted a modest bounce from the overnight lows, while BNB hit a new record high and ETH, SOL rebounded 6%-7%.
Aug 20, 2025, 10:06 p.m.
A group of major altcoins have bounced stronger than bitcoin
on Wednesday, showing relative strength despite a weakening risk appetite in broader capital markets.
BNB (BNB), the native token of the BNB Chain and closely adjacent to crypto exchange giant Binance, surged 6% to a fresh all-time high of $875.
Ethereum's ether (ETH) rebounded 7% from the overnight lows to $4,350, erasing all of Tuesday's losses. Some observers speculated that ETH treasury firms buying the asset could have fueled the rally.
Solana's SOL (SOL) gained 6.1%, also outpacing yesterday's decline, while tokens of ChainLink
and AAVE
were up 10% and 7%, respectively.
Meanwhile, the leading crypto BTC advanced a modest 1.4% from the lows, changing hands at just above $114,000. Major stock indexes, the S&P 500 and the tech-focused Nasdaq, closed 0.2% and 0.5% lower.
While it might be too early to call for any bottom with rocky next few days and weeks ahead on the macro front, the relative strength of altcoins versus bitcoin is notable during a risk-off period.
Bitcoin's dominance, measuring the largest crypto's market share in the total market capitalization of digital assets, is on the brink of making a fresh six-month low, signaling that smaller, riskier tokens are taking leadership in market gains, often dubbed as "altcoin season."
Bitcoin dominance (TradingView)
Still, hopes for repeating past cycles' breakneck altcoin action might be unrealistic, ByteTree analysts led by Shehriyar Ali and Charlie Morris noted.
"An alt season may be brewing, but it will not look like the wild rallies of the past," the report said. "Instead, it will be defined by selective, fundamentals-driven growth, rewarding quality projects and penalising those without substance."
Read more: Hawkish FOMC Minutes Knocks Legs Out of Crypto Bounce
Krisztian Sandor
Krisztian Sandor is a U.S. markets reporter focusing on stablecoins, tokenization, real-world assets. He graduated from New York University's business and economic reporting program before joining CoinDesk. He holds BTC, SOL and ETH.
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Coinbase CEO Brian Armstrong Says Bitcoin Could Reach $1M by 2030
Armstrong joins Jack Dorsey and Cathie Wood in calling for explosive BTC growth, with Ark Invest projecting as high as $3.8M by decade’s end.
What to know:
- Coinbase CEO Brian Armstrong said he expects bitcoin to reach $1 million per token by the end of 2030.
- Former Twitter CEO Jack Dorsey and Ark Invest’s Cathie Wood have issued similarly bullish long-term forecasts.
- Bitcoin is currently trading at $114,383 after hitting an all-time high above $124,000 last week.
