Following a dull weekend marked by a notable price dip to $103,000, bitcoin’s price has recovered some ground and reached $106,000 earlier today.

Most altcoins are with minor gains today, including HYPE, which has posted a 3% increase. XMR leads the larger-cap alts with a 6% surge.

BTC Aims at $106K

The all-time high registered on May 22 was followed by a violent correction on the following day when US President Trump warned that the EU might face another set of tariffs. Although the two parties reached some sort of an agreement and the tariffs were delayed for over a month, BTC failed to recapture its momentum and was stopped at $110,000 on a couple of occasions during the previous business week.

It continued to trade sideways until Friday evening, when Trump blamed China for violating their trade agreement. Beijing responded almost immediately, and bitcoin slumped by several grand. The culmination transpired on Saturday when BTC slipped to $103,100, which became a 12-day low.

However, it maintained that level on Sunday and even recovered some ground to around $104,000. During the Monday morning Asian trading session, BTC added a few more grand and tapped $106,000, where it faced some rejection and now sits about $500 lower.

Its market cap has risen to $2.1 trillion on CG, while its dominance over the altcoins is up to 61.5%.

XMR Pumps

Most altcoins have marked insignificant gains over the past 24 hours, such as XRP, BNB, SOL, DOGE, TRX, ADA, and SUI. HYPE stands out as the top performer from the largest 20 alts, while ETH has slipped inches below $2,500.

Monero’s native token has gained the most from the top 60 alts, as a 5.4% increase has pushed it to over $345. Other impressive performers include FLR, SPX, and FARTCOIN.

The total crypto market cap has increased by around $30 billion since yesterday and is up to $3.41 trillion on CG.

The world’s largest corporate holder of bitcoin continues with its BTC accumulation strategy, this time with a relatively modest purchase.

Announced just minutes ago, Michael Saylor’s brainchild has spent $75.1 million to acquire 705 BTC at an average price of $106,495 per bitcoin.

Strategy has acquired 705 BTC for ~$75.1 million at ~$106,495 per bitcoin and has achieved BTC Yield of 16.9% YTD 2025. As of 6/1/2025, we hodl 580,955 $BTC acquired for ~$40.68 billion at ~$70,023 per bitcoin. $MSTR $STRK $STRF https://t.co/K4tex3qHrN

— Michael Saylor (@saylor) June 2, 2025

This week’s announcement is a lot smaller than almost all made since the US elections at the end of last year. Since then, the company has made countless purchases, many of which were in the billions of dollars.

Nevertheless, Strategy’s stash continues to increase and is now at 580,955 BTC, bought for $40.68 billion or an average price of just over $70,000 per BTC. This means that the current value of the holdings is well above $60 billion, given today’s bitcoin prices (or a paper gain of around $40 billion).

Earlier today, another big BTC accumulator, Metaplanet, announced its latest acquisition, which was even bigger than that of Strategy.

A lot of market dynamics witnessed in past bull cycles have played out differently in this one. One of them is the on-chain patterns and trends that precede altcoin seasons, which refer to periods when alternative cryptocurrencies outperform bitcoin (BTC).

While traders are skeptical that the market will witness an altseason before this cycle is over, analysts at the on-chain data intelligence platform CryptoQuant believe that all hope is not yet lost. Investors still stand a chance to make profits with altcoins in this cycle.

Not Time to Lose Hope

In previous cycles, BTC rallies were preceded by a steady decrease in the proportion of mid-to-long-term holding volumes. With new capital flowing into the market at the time, altcoins eventually surged towards the end of those cycles. However, the opposite has been the case this time; mid-to-long-term holding volumes have surged each time BTC rallies to new highs.

According to pseudonymous analyst Crypto Dan, the price movement of altcoins in this cycle has tallied with that of BTC. Bitcoin has constantly faced corrections after small gains in this cycle, and during those dips, altcoins have also suffered significant declines, indicating overall weakness.

The current bull cycle is nearing its final stages, and at this phase, it is almost impossible for investors to make profits with altcoins. However, since altcoin rallies have corresponded with BTC surges, Dan insists there is still hope.

When Altseason?

Bitcoin is yet to experience its final leg for this cycle, which means the asset’s dominance is likely to decrease. If the market plays out as Dan predicts, then altcoins may experience higher rallies than seen in previous patterns when bitcoin’s dominance plummets, marking the end of the cycle. Hence, all indicators point to bitcoin’s next upward move, which could occur at any moment from now.

“It’s not time to abandon hope just yet. Since we’re already in the latter half of the cycle, it’s worth waiting for Bitcoin’s next upward move,” Dan stated.

It is worth mentioning that Dan is not the only analyst who believes altcoins still stand a chance. CryptoPotato reported that many other traders and analysts believe this altseason will be epic, making the rally seen in 2021 seem tiny.

However, some have warned that not all tokens will go up during the altcoin season. Only a few chosen assets will record significant gains as they attract new liquidity.