In a special feature, the Bitcoin Foundation editorial team examined whether the current price rise in the crypto market can be considered the beginning of a full-fledged altcoin season.
May 6, 2026, was one of the strongest days for the crypto market in recent times. Bitcoin (BTC) confidently broke above $82,500, gaining about 2% in 24 hours and 6.5% on the week. The rise was fueled by reports of possible de-escalation of tensions around Iran, as well as consistently high inflows into spot Bitcoin ETFs.
Hot topic: Bitcoin on May 6 — BTC Price Stays Above $81K as Traders Look Past Iran Shock
However, today’s growth leaders were not limited to the leading cryptocurrency. Here are five altcoins from the top 100 by market cap that posted the largest gains over the past 24 hours.
Zcash (ZEC) — +37.6%
Price at time of writing: ~$579
Zcash showed explosive growth, rising more than 150% since early April. The asset’s market capitalization approached $10B.
Market participants attribute the rally to several factors: a large position built by Multicoin Capital, listing on Robinhood, discussions of a possible Grayscale ETF, and a broader revival of interest in privacy coins amid regulatory changes.
BitMEX co-founder Arthur Hayes previously predicted significant ZEC growth relative to BTC▼$61,907.00.
Read more: Zcash Price Prediction 2026 — How High Can ZEC Go?
Toncoin (TON) — +24.5%
Price at time of writing: ~$2.29
Toncoin continues to benefit from positive news around the Telegram ecosystem. Messaging app founder Pavel Durov unveiled a roadmap titled “Make TON▼$1.68 Great Again,” in which Telegram strengthens its role within the TON Foundation as the largest validator.
The company also announced a sixfold reduction in fees — a key step toward a mass-market product.
Read more: Top 5 TON Ecosystem Projects in 2026 — Best TON Crypto to Buy, DeFi Leaders & Telegram Gems
NEAR Protocol (NEAR) — +16%
Price at time of writing: ~$1.50
NEAR showed steady growth amid positive momentum in the Layer-1 solutions segment and heightened interest in alternative ecosystems.
Ethena (ENA) — +13.5%
Price at time of writing: ~$0.1215
Ethena continues to attract investor attention through the development of its USDe synthetic dollar and high yields from DeFi products.
Internet Computer (ICP) — +14%
Price at time of writing: ~$2.83
ICP is testing resistance near the $2.82-2.83 range. Technical indicators, RSI and BBWP, show rising volatility, which often precedes strong price movements.
Should This Be Considered the Start of Altseason?
Traditionally, altseason begins when the total altcoin market cap (Total 3) consistently grows faster than bitcoin’s market cap for at least 21 days, or three weeks. A few days of strong altcoin gains is more likely a false breakout or short-term rotation.
Experts remain divided. BitMEX co-founder Arthur Hayes stated at the Consensus Miami conference that most altcoins will lose value, while bitcoin will rise to $125,000 by the end of 2026. He called the upcoming altcoin collapse a “healthy market cleansing.”
Meanwhile, on-chain analyst Darkfost recorded bitcoin dominance rising above 61.3% as BTC broke through $81,000. However, he also noted signs of altcoin stabilization. The altcoin trading volume share relative to BTC and ETH▼$1,652.14 rose from 31% to 49% over two months, and about 12% of assets on Binance returned to their 200-day moving average.
The market remains in a consolidation phase. A full-fledged altseason will require sustained capital rotation from bitcoin into altcoins over several weeks.
Learn more: Crypto Spring 2026 — Why Tom Lee Says the New Bull Cycle Has Already Begun
