Analyst: Altcoins are diverging and rebounding, but the “full counterfeiting season” is yet to arrive

Comparing news, altcoin gains expanded further on Friday. ENA rose 48%, and HYPE was approaching a record high, but there was a clear catalyst for this rebound: ENA received $1 billion in credit from FalconX, and HYPE benefited from CFTC compliance expectations.

The founder of MN Capital said that unlike the previous round of the “general upward copycat season,” the current round showed structural differentiation — Bitcoin's dominant position was still 59.8%. The CMC counterpart index fell from 51 to 33, and liquidity or spillover spread to copycat after BTC surged, but current quantities and indicators show that the full copycat season has yet to be confirmed, and capital favors targets supported by fundamentals or policies.