Altcoins AVAX, HYPE, WLD, Fly As Bitcoin Hovers Near All-Time High

Crypto Markets Surge as Bitcoin Approaches All-Time High

The cryptocurrency market has been experiencing a resurgence, with Bitcoin (BTC) holding steady just below its all-time high and altcoins posting significant gains in recent days.

Avalanche (AVAX) Soars on FIFA Partnership

One of the standout performers is Avalanche (AVAX), which has climbed 5.8% to $23.67 over the past 24 hours. This surge comes in the wake of last week's London Avalanche Summit, where it was announced that the soccer governing body FIFA will migrate its FIFA Collect NFT platform to the Avalanche layer-1 blockchain. However, AVAX remains 83.7% below its all-time high reached in 2021.

World (WLD) Jumps 27.2% After U.S. Rollout

Another notable gainer is World (WLD), previously known as Worldcoin, which has jumped 27.2% to $1.38. This coincides with the eyeball-scanning project's rollout across the U.S., after previously barring Americans from participating in the World ID system. Despite the recent surge, the token is still 88.2% below its all-time high from March 2024.

Hyperliquid (HYPE) Sets New All-Time High

Hyperliquid (HYPE) has been the biggest winner, setting a new all-time high of $39.68 and soaring 50.4% over the past seven days. This move comes as a self-defined high-risk leverage trader, known as James Wynn, made a $1 billion Bitcoin (BTC) bet via the Hyperliquid's perp decentralized exchange, which they supposedly closed at a massive loss.

Other Altcoins See Gains

Other altcoins have also experienced gains over the past 24 hours, including Bittensor (TAO) up 6.4%, Optimism (OP) up 5.6%, Arbitrum (ARB) up 4.7%, Aptos (APT) up 5.1%, and Internet Computer (ICP) up 4.5%. However, all of these altcoins remain some distance from their all-time highs.

Bitcoin Approaches All-Time High

Meanwhile, Bitcoin (BTC) has climbed 2.2% to $109,779, putting it within touching distance of its all-time high of $111,814 set just four days ago. The move comes after President Trump announced a delay in the implementation of a proposed 50% tariff on European Union goods, offering a reprieve from ongoing global trade tensions.

Bitcoin Dominance on the Rise

Bitcoin dominance has been on the rise since late 2022, according to CoinGecko, with the orange coin now claiming 61.12% of the top 10 crypto market cap. Analyst Reece Hobson from eToro Australia previously told Decrypt that altcoin season will kick off once quantitative easing kicks in and Bitcoin dominance hits 70%, a figure it isn't too far from, which could explain the recent altcoin surge.