Bitcoin has recently surged to a new all-time high above $111,000, accompanied by an increase in Bitcoin dominance from 62% to 64%, indicating strong market demand for the cryptocurrency. Analysts note that this rally is primarily driven by asset accumulation, with Bitcoin buyer dominance signaling the potential for further gains. Historically, Bitcoin dominance tends to rise early in bull runs, followed by a period known as 'alt season' where alternative cryptocurrencies (altcoins) experience stronger performance. However, some market observers suggest this cycle might differ, with leveraged Bitcoin treasury companies acting as the 'alts' of this cycle. Despite the current restrained performance of altcoins, the rising Bitcoin dominance suggests that a risk-on season could eventually lead to renewed interest in altcoins after Bitcoin's rally stabilizes.