"Surging MemeCoins and AI-Themed Cryptocurrencies: Unveiling the Oncoming Altcoin Season"

The cryptocurrency market is continually proving itself to be highly dynamic and volatile. As recent data suggest, we may be standing on the threshold of an imminent altcoin season. This emotionally-charged period is characterized by the blooming of alternative cryptocurrencies that could outperform the much-fabled Bitcoin. This assertion is further supported by a surge observed among memecoins and AI-themed cryptocurrencies, triggering a debate of whether the slated Altseason is here.

Bitcoin, after hitting a new all-time high of $69,324 on March 5, underwent a sharp correction. Meanwhile, altcoins have performed significantly well over the same period, including those primarily aimed at generating internet buzz and memes. These memecoins - led by meme king Dogecoin (DOGE) and underdog meme Shiba Inu (SHIB) - have posted gains of 20% and 130%, respectively, within just one week. Newly minted tokens such as Pepe (PEPE), Bonk (BONK) and dogwifhat (WIF) have also managed to log impressive double- to triple-digit gains during the same period.

The altcoin market cap has also seen a significant uplift. It increased from $697 billion to $1.14 trillion, posting a 64% hike over the last three months — a lift-off greater than Bitcoins 56% rise over the same timeline. The increase in the altcoin market cap supports the theory of growing investor interest in alternative cryptocurrency assets.

The excitement is further underscored by some fascinating findings from Blockchain Centers altcoin season index, which indicates that only 69% of the top 50 altcoins have outperformed Bitcoin in the last 90 days. Although not enough to categorically affirm that we are already in an altcoin season, there is an increasing upward trend in the indexs value. Additionally, a recent market report by K33 Research noted similarities between the current market dynamics and those that preceded the 2020 altcoin bull run.

We are, however, also seeing some divergent opinions about the actual arrival of the altcoins season. Contrary to majority opinion, Michaël van de Poppe, founder and CEO of MN Trading Consultancy, believes the altcoin season is yet to kick in, stating that there is still room for a 40-60% growth in market capitalization before it reaches the 2021 highs above $1.1 trillion.

Ultimately, these market movements signify a shift in market sentiment. On the one hand, Bitcoins performance continues to influence the overall market strength and trend. On the other hand, however, the rise of altcoins and memecoins indicates an increased appetite amongst investors for high risk, high reward opportunities. The road to an altcoin season may be paved with uncertainties, and while the anticipation continues to build, smart investors are keeping a keen eye on market charts while also factoring in the implications of social trends in the crypto market.

The coming weeks and months will be critical, perhaps determining how well altcoins fare vis-à-vis Bitcoin. Whether Bitcoins dominance will be shaken or if altcoins can truly step out of the big daddy’s shadow is a story that will be closely watched.