The global crypto market fell slightly today, with total capitalization falling to $3.7 trillion, down 0.47%. Bitcoin traded at $110,204, down 0.17% in the past 24 hours, while Ethereum held near $3,859 and fell 0.62%.
XRP traded at $2.50, down 0.25%, and BNB fell 1.30% to $1,079. Solana, one of the best performing altcoins this year, fell 0.95% to $184.35.
Altcoin season still missing
Bitwise CIO Matt Hougan talked about growing frustration among traders over the lack of a full-fledged altcoin season in 2025. He explained that the market structure has changed, with traditional finance (TradFi) now playing a major role in driving large-cap crypto movements.
“There hasn’t been a real alt season. It’s been kind of a disappointing cycle,” Hougan said, adding that most crypto-native investors expected the usual four-year pattern to trigger an altcoin rally by now. “TradFi is driving the bus here. They are the marginal buyers of large-cap crypto assets,” he added.
Possible BTC dip before a new high
Hougan said that while Bitcoin could briefly fall below $100,000, the long-term outlook remains positive. He cited Standard Chartered’s recent note, which suggested a drop below the six-figure mark was “inevitable”, but stressed such moves would likely be temporary.
“I suspect we’ll hit a new all-time high before the end of the year,” Hougan said. He expects institutional investors to rebalance their portfolios before the end of the year, revealing allocations to assets like Bitcoin and gold.
Regulatory uncertainty looms
Meanwhile, continued uncertainty surrounding the Clarity Act and a possible US government shutdown have increased pressure on the market. Prediction platform Polymarket shows a greater than 50% probability that the shutdown could last beyond November 12, which could delay crypto-related decisions.
Hougan says the market has already factored in the possibility that the Clarity Act won’t pass this year. “If it happens, it will be a major positive catalyst, especially for Ethereum and Solana,” he said. “If it fails, there may be a short-term downside, but in the long term the thesis for crypto remains intact.”
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