Altcoin season is in full swing as 75% of the top 50 coins outperformed Bitcoin in July 2025. Analysts at Milk Road Daily note that tokens such as PENGU, Ethena (ENA) and BONK led the surge, reflecting capital rotation from BTC into a diverse basket of lower‑cap coins【228182978014937†L138-L166】. Historically, altcoin rallies follow after Bitcoin dominance drops below 50%, signalling traders are willing to take on more risk【228182978014937†L138-L166】. The report encourages investors to watch key support and resistance levels and indicators like the Altcoin Season Index to navigate volatile markets【228182978014937†L170-L216】. While alt‑season can deliver outsized gains, it also introduces heightened volatility; diversification and risk management are crucial.