In the ever-volatile world of cryptocurrencies, Bitcoin's dominance is showing signs of wavering, with altcoins stealing the spotlight as they surge ahead. Over the past few days, Bitcoin's market dominance has declined by 0.5% daily, while several altcoins have notably outperformed the flagship cryptocurrency.

After experiencing a sharp decline over several days, Bitcoin witnessed a sudden spike in price of approximately $2,000 following the Federal Reserve's announcement to hold interest rates steady. However, this upward momentum was short-lived as Bitcoin swiftly retraced its gains.

Just a few days ago, Bitcoin was trading comfortably above the $60,000 mark, even flirting with the $65,000 threshold during early Asian trading on April 30. However, it failed to breach this level and began a gradual decline amidst significant outflows from US ETFs and the lackluster debut of Hong Kong-based ETFs. The situation worsened as Bitcoin plummeted to a two-month low of $56,500, resulting in over $500 million in liquidations.

All eyes turned to the US Federal Reserve as market participants eagerly awaited its decision on interest rates. With the central bank announcing no imminent hike, Bitcoin's price swiftly surged by $2,000, approaching the $60,000 mark once again. Despite this initial recovery, Bitcoin struggled to maintain its momentum and retreated to its initial position. At present, Bitcoin is hovering around $58,000, with its market cap standing at $1.140 trillion. However, its dominance over altcoins has seen a significant decline, now down to 50%.

While Bitcoin grappled with volatility, altcoins emerged as the stars of the show, exhibiting impressive gains across the board. Solana, in particular, has emerged as one of the top performers, boasting an 11.5% increase and trading above $130. Other notable gainers include PEPE, with a remarkable 16% surge, as well as SHIB, DOT, ADA, XRP, AVAX, MATIC, and ICP, all posting gains ranging between 6% and 12%.

The collective market capitalization of cryptocurrencies has experienced a notable rebound, reclaiming approximately $50 billion from its recent low. As a result, the total crypto market cap has approached the $2.3 trillion mark, according to data from CG.

Amidst the ongoing market fluctuations, investors remain vigilant, closely monitoring price movements and seeking opportunities amidst the dynamic cryptocurrency landscape.