DOGE, SUI, SOL, XRP Outpace Bitcoin Amid Short Squeeze – BTC Hits 8-Month High

Analyst Willy Woo said Bitcoin’s rally still may have two to four weeks of runway before his indicators show overbought conditions.

• Bitcoin surges to eight-month high as Dogecoin, Sui, XRP, Cardano and Solana all beat BTC's gain over the past day.
• A tight cluster of shorts on Bitcoin between $82,000 and $86,000 helped fuel the rally as traders were forced to cover, Glassnode said.
•  CryptoQuant said Bitcoin's rise from around $81,000 to $86,600 was driven by ETF demand, short liquidations, and low historical supply overheads.

Bitcoin (BTC) climbed to its highest level since January on Tuesday, but the bigger move for crypto traders was happening further down the risk curve.

Dogecoin, Sui, XRP, Cardano, and Solana all outpaced Bitcoin over the past 24 hours as short covering, ETF demand, and renewed risk appetite pushed the broader crypto market higher. 

According to CoinGlass data, Bitcoin’s dominance dropped 0.1% in the past day, while the Altseason Index stood at 62, suggesting an "altcoin season" might be underway.

Dogecoin (DOGE) rose the most, up 12.2%. Sui (SUI) came in second, up 8.3%, followed by XRP (XRP) at 6.2%, Cardano (ADA) at 5.7%, and Solana (SOL) at 4.3% in the last 24 hours, in comparison to Bitcoin, which rose over 2% during the same time.