DOGE, SUI, SOL, XRP Rally Faster Than Bitcoin As BTC Hits 8-Month High

• 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.

Retail Traders Turn Bullish On DOGE, SUI

On Stocktwits, DOGE was one of the top trending tickers. Retail sentiment around DOGE improved to the ‘bullish’ zone from the ‘bearish’ zone over the past day. 

One retail trader expected that a short squeeze could follow for DOGE. 

On Stocktwits, retail sentiment around XRP, ADA, and SOL moved from the ‘bullish’ zone to the ‘neutral’ zone. Whereas retail sentiment around SUI remained in the ‘extremely bullish’ zone.

On Stocktwits, XRP and Solana were two of the top trending tickers. 

Bitcoin Short Squeeze Adds Fuel To Rally

Bitcoin sped up after clearing the short-liquidation wall. Glassnode wrote on X that Bitcoin was moving up into a thickening shelf of liquidation. 

According to Glassnode, short positions betting on a drop had built up over months and were now worth between $82,000 and $86,000. Short sellers bought back Bitcoin to close their trades because pullbacks in that area stayed small, adding more fuel to the rally.

On-chain firm CryptoQuant added that Bitcoin's price went up from about $81,000 to $86,600 in just one day, a gain of about 6.7%. The rise was caused by spot ETF demand, short liquidations, and limited historical supply overhead.

Bitcoin Rally: Willy Woo Sees More Room Ahead

On-chain analyst Willy Woo on X said the rally has room to run for up to four weeks before turning overbought. He pointed to a recent cool-off in his oscillator indicator while price remained strong, indicating buying demand exceeding short-term profit-taking.

Bitcoin was trading around $ 85,835 at the time of writing. On Stocktwits, BTC was also one of the top trending tickers. Retail sentiment around BTC improved to ‘bullish’ from the ‘neutral’ zone, while chatter rose to ‘high’ from ‘normal’ levels over the past day.

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