Bitcoin’s share of the entire cryptocurrency market has gotten crushed during this surge, down from a peak near 66% to just 64%. Over the past 48 hours, an incredible 98% of all altcoins have beat Bitcoin’s performance. This trend marks the beginning of a dangerous transformation in market dynamics. What further adds to this trend is the growing accumulation of crypto assets by whales, outpacing retail investors.

This recent decline in Bitcoin’s dominance happens, of course, during a period of increasing interest in alternative cryptocurrencies. Investors are diversifying into wider market altcoins, looking for growth potential, diversification and liquidity. The most recent performance data indicates a drastic change. As you can see, a huge amount of altcoins have now done better than Bitcoin in terms of price appreciation.

One of the most obvious factors behind the altcoin surge are whale, major crypto players, activity increasing. These whales are buying altcoins at a rate that is far exceeding retail investors. This new activity represents their clearly stated conviction that demand for these new alternative assets will take off. Whale accumulation can increase supply scarcity and upside price pressure, producing the momentum effect for particular altcoins.

This divergence in acquisition trends between whales and retail investors can be a sign that an altcoin season has started. An altcoin season is best described as an event during which altcoins as a whole significantly outpace Bitcoin, pulling in considerable attention and investment. This phenomenon usually takes place when investors chase riskier, more profitable investments outside of Bitcoin.

It used to be that when people would talk about Bitcoin and altcoins. They embody the two primary use cases in the cryptocurrency space. Unsurprisingly, Bitcoin—the first and largest cryptocurrency—acts as a bellwether for the broader cryptocurrency market. Some truths Altcoins are full of interesting projects and new technologies. Each one has its own distinct value proposition.

Critics often pit Bitcoin’s performance against altcoins. This enables them to gauge the health and overall trajectory of the burgeoning cryptocurrency space. If and when altcoins start to outperform Bitcoin would be one signal that more exotic forms of innovation are capturing the imagination of more risk-taking investors. On the flip side, when Bitcoin is doing better than altcoins, a sign of flight to safety, investing in the known and established can signal bullishness overall.