Altcoin market updates: Dogecoin, Bitcoin Cash and Litecoin as BTC bullish sentiment spreads across Proof-of-Work sector

Bitcoin price breached the $100,000 milestone on December 4, as investors reacted positively to news of Trump nominating Paul Atkins for the Securities & Exchange Commission (SEC), viewed as a crypto-friendly replacement for Gary Gensler.

Bitcoin price hit a new all-time high of $104,100 on Thursday, continuing its relentless rally that saw the pioneer cryptocurrency multiply in value by 10 times in 2025.

However, despite BTC’s record-breaking performance, data from Coinmarketcap Pro shows that altcoins have outperformed Bitcoin by a significant margin over the past 90 days.

Specifically, the Altcoin Season Index, which tracks the performance of the top 50 altcoins in comparison to Bitcoin over a 90-day period, currently stands at 86%.

This indicates that over the past 90 days, 86% of the top 50 altcoins have outperformed Bitcoin.

Typically, crypto investors mark the start of an “altcoin season” when 75% of the top 50 altcoins outperform BTC.

In the current market dynamics, every 1% increase in the Bitcoin price triggers a greater bullish impact for major altcoins.

This explains why the likes of XRP, Solana and SUI have all skyrocketed to new all-time highs in recent weeks.

4. Chinese Tech Firm Meitu Completes Cryptocurrency Market Exit

Chinese tech company Meitu has completely exited the cryptocurrency market, selling its 940 Bitcoin and 31,000 Ethereum holdings just before Bitcoin surged past the $100,000 milestone.

The company initially invested $100 million in March and April 2021, allocating $49.5 million to Bitcoin and $50.5 million to Ethereum.

The exit was conducted in two phases, generating a total of $180 million in proceeds.

In November, Meitu sold half of its holdings for $80 million, followed by a December sale of 470 BTC at over $95,000 and 15,703 ETH at $3,500, securing a net profit of approximately $80 million.

Meitu now plans to shift its focus from digital assets to its core business of photo, video and design applications, which have experienced significant growth driven by AI advancements.

With this strategic pivot, Meitu aims to capitalize on the booming demand for AI-powered media tools, abandoning its previous foray into the volatile cryptocurrency market.

5. US Fed Chair Powell: Bitcoin Competes with Gold, Not the US Dollar

Federal Reserve (Fed) Chair Jerome Powell has clarified his stance on Bitcoin, stating that the cryptocurrency is more akin to Gold than a competitor to the US Dollar.

Speaking at the New York Times DealBook Summit, Powell described Bitcoin as a speculative asset, emphasizing its volatility and limited use as a payment method or store of value.

“People use Bitcoin as a speculative asset. It’s like gold, it’s just like gold—only it’s virtual, it’s digital. People are not using it as a form of payment or a store of value. It’s highly volatile. It’s not a competitor for the dollar; it’s really a competitor for gold.”

– US Federal Reserve Chairman, Jerome Powell.

Powell also addressed the Fed’s cautious stance on cryptocurrencies, noting that while the Fed monitors their impact on the financial system, it does not directly regulate them.

Shifting focus to monetary policy, Powell highlighted the US economy’s resilience, citing stronger than expected growth and a robust labor market.

However, with inflation still elevated, he suggested that the Fed would adopt a cautious approach to interest rate cuts.

According to CME Group’s Fed Watch tool, market watchers are pricing in another 25-basis-point easing at the next FOMC meeting slated for December 18, mirroring Powell’s measured macroeconomic outlook.