Dogecoin and Ethereum Surpass Bitcoin, Analyst Predicts Altcoin Season Hasn’t Started
January 28, 2026
Dogecoin and Ethereum are standing out against Bitcoin, with their prices showing promising rebounds beyond the $3,000 mark, signaling significant gains. Altcoins, particularly Dogecoin and Ethereum, have been gaining traction, surpassing Bitcoin. Despite this shift, the founder of ITC Crypto, Benjamin Cowen, notes that this is not indicative of a mass exodus from Bitcoin. In the last 24 hours alone, the crypto market saw liquidations amounting to almost $300 million, primarily from short positions, reflecting a degree of volatility in the market.
Dogecoin and Ethereum notably led the way in the recent price upswings among altcoins. Dogecoin saw a 3.6% increase, reaching $0.1265, while Ethereum surged by 3.3% to surpass $3,000. While retail sentiment towards Dogecoin remained somewhat bearish, there was a noticeable uptick in bullish sentiment towards Ethereum, indicating a possible shift in market perception. Crypto analyst Ted Pillows suggests that if Ethereum manages to close above the $3,000 threshold, it could potentially hit $3,200. However, a drop below this level could erase the gains seen in recent trading sessions.
Various other altcoins showed positive movement, with Cardano gaining 3%, Solana and Binance Coin rising by 2.7% each, and XRP gaining 1.9% against Bitcoin. In contrast, Bitcoin itself saw a modest 1.5% price increase, hovering around $89,200. Despite the downtrend over the past weekend, Bitcoin managed to recover slightly. Experienced analysts, like Caled Franzen, suggest that Bitcoin’s current technical setup is not as robust as it was in April 2025. For Franzen, a bullish outlook on Bitcoin hinges on a break above the 2-day 200 moving average (MA) cloud, projecting a more significant upward trend.
The recent surge in liquidations, amounting to almost $300 million, hint at the volatility in the crypto market, fueled by short positions that reacted sharply to market changes. Furthermore, exchange-traded funds (ETFs) tracking spot Bitcoin recorded net outflows exceeding $147 million. Notably, BlackRock’s iShares Bitcoin Trust (IBIT) experienced the most substantial outflows, totaling over $102 million, followed by Fidelity Wise Origin Bitcoin Fund (FBTC) with $44 million.
Despite the fluctuating market conditions, the overall cryptocurrency market managed to hold steady, showing a 1.8% increase in the last 24 hours and staying above the $3.1 trillion mark. While market sentiment remains mixed, with concerns about Bitcoin’s technical performance and potential market rotations, the recent trends continue to indicate a dynamic and evolving landscape for digital assets.
