Google search for ‘Altcoin’ hits 5-year high as Bitcoin and Ethereum smash price records

The cryptocurrency market is buzzing with excitement. Google searches for “altcoin” have surged to their highest level since 2021, signalling a renewed wave of retail and institutional interest in alternative cryptocurrencies. 

This spike aligns with a historic rally in the crypto market, as Bitcoin hits an all-time high of $124,457 and briefly surpasses Alphabet’s $2.4 trillion market cap in the early hours of Thursday. Ethereum, trading above $4,700, is also nearing its record highs. The total crypto market cap has soared past $4.1 trillion for the first time, driven by a flurry of altcoin ETF filings, corporate treasury diversification, and growing retail enthusiasm. 

Is this the start of a full-blown altcoin season? 

Google Trends data reveals a dramatic uptick in searches for “altcoin”, reaching levels not seen since the 2021 crypto bull run. Back then, decentralised finance (DeFi) and non-fungible tokens (NFTs) fuelled a frenzy of altcoin investment. Today, similar patterns are emerging. Searches for “Ethereum” have also hit a two-year high, reflecting growing curiosity about the second-largest cryptocurrency. 

This surge in search interest often signals a shift in market dynamics. Historically, spikes in altcoin searches have preceded major rallies, as seen in 2017 and 2021. With Bitcoin’s dominance dropping from 65% to 59% over the past two months, capital appears to be rotating into altcoins like Ethereum, Solana, and Chainlink. 

The Altcoin Season Index, a key indicator, has climbed to 39 from 29 in just one month, inching closer to the 75 threshold that typically marks a full altcoin season.

Bitcoin’s climb to $124,457 has set the stage for this altcoin resurgence. For a brief moment, its market cap eclipsed Alphabet’s $2.4 trillion, making it the fifth-largest asset globally. This milestone has energised the broader crypto market, pushing the total market cap to a record $4.21 trillion. Trading volumes have also spiked, with daily volumes up 30.31% to $237.92 billion, according to CoinGecko.

While Bitcoin remains the market leader, its declining dominance suggests investors are looking beyond the top cryptocurrency. Ethereum, in particular, has outperformed Bitcoin, surging 81% over the past 90 days compared to Bitcoin’s 17% gain. Trading at $4,722, Ethereum is just shy of its November 2021 high of $4,878.26. 

Other altcoins are also posting strong gains: Solana (+19.3%), XRP (+10%), SUI (+15%), and Chainlink (+43%) over the past week.

Altcoin ETFs fuel institutional adoption

Institutional interest is a key driver of this altcoin boom. In the first half of 2025, U.S. regulators received 31 altcoin ETF applications, a significant jump from previous years. Canary Capital’s March proposal for a spot SUI ETF, which tracks the Sui token, could become the first of its kind if approved. Cboe BZX and Nasdaq have filed to list similar funds, including 21Shares’ SUI ETF, triggering formal SEC reviews.

Bloomberg Intelligence analysts Eric Balchunas and James Seyffart are optimistic, giving 95% approval odds for ETFs tied to Solana, XRP, and Litecoin. 

Other altcoins like Dogecoin, Cardano, Polkadot, Hedera, and Avalanche have approval probabilities as high as 90%. This wave of filings signals a shift in perception: altcoins are no longer niche assets but viable financial products for institutional portfolios.

Beyond ETFs, corporate treasuries are diversifying into altcoins. Companies like Metaplanet, BitMine, and SharpLink Gaming now hold billions in Ethereum, often staking these assets to generate passive yield. 

DeFi Development Corp. owns nearly one million Solana tokens, valued at roughly $200 million, with most staked for additional returns. Upexi doubled its Solana holdings to two million in July, also leveraging staking.

Chainlink is gaining traction as well. On August 7, the Chainlink Reserve launched, converting usage fees and enterprise payments into LINK tokens to bolster network sustainability. This move reflects a broader trend: altcoins are evolving from speculative investments to strategic assets for yield generation and technological innovation.

Ethereum’s dominance signals broader altcoin momentum.

Ethereum’s rise is a bellwether for the altcoin market. Its price has climbed 30% in the past week and 78% year-to-date, driven by record network activity. 

Daily transactions hit an all-time high of 1.875 million, according to CryptoQuant. Institutional demand is also surging, with Ethereum-focused treasuries holding $16.4 billion in ETH. Spot Ethereum ETF inflows reached $1.01 billion on August 11, led by BlackRock’s ETHA and Fidelity’s FETH.

Analysts like Piyush Walke from Delta Exchange note that Ethereum’s momentum could spark a broader capital rotation into altcoins. Decentralised exchange (DEX) trading volumes hit a quarterly record of $898 billion in Q2 2025, underscoring growing altcoin activity. CoinShares reported $2.12 billion in Ethereum-related investment product inflows, a record for non-Bitcoin crypto investments.

The convergence of retail enthusiasm, institutional investment, and corporate adoption suggests altcoin season is gaining steam. However, risks remain. Ethereum co-founder Vitalik Buterin has warned that overleveraged corporate treasuries could destabilise the ecosystem if forced liquidations occur. Bitcoin’s ability to reclaim dominance above 60% could also dampen altcoin momentum.

Still, the data paints an optimistic picture. The altcoin market cap has reached a three-month high of $1.67 trillion, and market analysts describe current conditions as a “bull flag” that could lead to a breakout.