Bitcoin price races past $12,000 as Ethereum, XRP, and Litecoin pairs get decimated

Bitcoin's meteoric rally continues as the price nears $12,000.

Currently, Bitcoin dominance, the percentage of overall market capitalization attributed to BTC, is climbing towards its previous two-year high.

As a function of growing dominance, altcoins are depreciating relative BTC, with most major altcoins experiencing single-digit losses in the last 24-hours.

As a function of growing BTC dominance, Bitcoin has outperformed nearly all altcoins since the beginning of the year.

Of the top 20 altcoins, Ontology and NEO have also outperformed Bitcoin over the last six months, with gains of 455.2 and 252.0 percent, respectively.

Historically, altcoins do not peak until Bitcoin finishes its rally.

During the 2017 bull market, the altcoins more closely correlated with BTC-Litecoin and Bitcoin Cash-peaked in December shortly after Bitcoin.

From Dec. 1 to their peak, Litecoin went from $82.7 to $368.7-an increase of 346 percent.

Bitcoin Cash saw a similar rally, going from $1,254 to $3,992-gains of 218 percent.

Although many professional crypto traders doubt the resurgence of "Alt season" during this bull market, others are converting their Bitcoin positions into altcoins in anticipation of another round of outsized gains.