Leading coin Bitcoin briefly soared above the $107,000 mark yesterday. It reached an intraday peak of $107,108, just 2% shy of its all-time high of $109,588, before retracing.

Although the leading cryptocurrency has since retreated slightly to $104,976 at press time, market sentiment remains firmly bullish, with on-chain indicators suggesting continued upward momentum.

Bitcoin Season is in Full Swing

According to data from Blockchain Center, the cryptocurrency market remains deep in “Bitcoin Season,” a period when BTC significantly outperforms the broader altcoin market.

As of this writing, only 16 (32%) of the top 50 altcoins have outperformed BTC over the past 90 days, far below the 75% threshold required to qualify as “Altcoin Season.”

Furthermore, Bitcoin’s rising dominance supports this position. Since plunging to a two-month low of 61.89% on May 16, BTC.D, a metric that tracks BTC’s share of total crypto market capitalization, has climbed steadily.