Bitcoin dominance hits one-month low, altcoins gain

CoinGecko data shows Bitcoin’s share of the crypto market fell to 54% from 58.12% over the past month, while the Others category — tokens outside Bitcoin, Ethereum and stablecoins — increased to 24.68% from 19.39%.

Over the same period Bitcoin briefly dipped below $58,000 before recovering to an intraday high near $63,976. The market Fear & Greed Index moved from 12 to 24 but remained in Extreme Fear territory. Over the past year Bitcoin dominance has declined from about 63% to roughly 56%, and stablecoins increased their market share from about 7% to 13%.

Traders rotated into a narrow group of tokens that convert trading or protocol revenue into buybacks or burns. Market participants identified two drivers: on-chain revenue mechanisms that route fees into token support, and products that have secured institutional distribution channels.

Hyperliquid’s HYPE rose about 24% over 30 days and is near $71, with year-to-date gains approaching 200%. Hyperliquid directs more than 97% of fees into token buybacks. Lighter’s LIT led monthly gains at roughly 84%; DefiLlama estimates the protocol’s 30-day perpetual futures volume near $40 billion, and the protocol began burning repurchased LIT after Q2 closed.

Aave climbed about 59% after its Aavenomics 3.0 plan linked GHO issuance and protocol revenue to automated AAVE buybacks. Aerodrome gained about 82% on expectations of a merger with Velodrome and a planned Predictive Allocation upgrade to speed liquidity routing on Base. Jupiter rose roughly 57% on a proposal to raise its buyback rate to 70% of fees and expand into lending and on-chain stock products.

Solana’s token increased about 33% as activity moved into its trading infrastructure. Jito gained about 45% on exposure to Solana MEV and staking flows. Pyth jumped 46.5% after announcing plans to distribute Nasdaq’s TotalView order-book data and integrating with Arc’s testnet. Morpho advanced about 22% following coverage from a global bank that set a long-term $60 target for the token and news that a retail platform will use Morpho vaults for an Earn product tied to USDG balances.

Uniswap rose about 31% amid ongoing fee-switch-and-burn discussions and an independent long-term price target from a bank. Zcash gained about 25% after roadmap updates including the Tachyon quantum-readiness plan and an Ironwood hardfork set for July 21 with supply verification and shielded-pool changes.

Traders flagged several risks that could reverse flows: a renewed Bitcoin sell-off, thin liquidity during weekend sessions, scheduled token unlocks and memecoins outperforming revenue-backed tokens. The recent price moves concentrated capital in protocols that tie usage to token support through buybacks or burns.