While the global market cap for cryptocurrencies traded at $2.6 trillion, after falling 0.26% in the past 24 hours, the market cap for altcoins stood at $182.83 billion at the time of writing.
Amid such dips and rises, analysts in the crypto community are calling for an altcoin season. Michaël van de Poppe, CIO and founder of MN Fund, sees that market sentiment is improving and therefore believes that altcoin season is “certainly possible”.
Poppe underlined that there will not be a “full altcoin run”, but that many altcoins that have been in a prolonged bear market for about 18 months now will witness a profitable rally in the short term.
Aligned image within the crypto community
Echoing similar sentiments, another analyst said many investors are focusing solely on Bitcoin [BTC] market dynamics. Hence the analyst in his X-post shed light on the TOTAL2 (total crypto market cap minus Bitcoin) and noted:
This is the most underrated Altcoin chart out there.
Using the chart, the analyst also made comparisons with the past altcoin seasons, which took place in 2016/2017 and 2020/2021.
The analyst believes that the current price action is a lookalike of the accumulation phase before previous alternate seasons. If the pattern repeats, a major altcoin rally could take place in 2026/2027.
In a separate post, the same analyst even used Tether [USDT] dominance (USDT.D) to emphasize that the “next altcoin rally is just around the corner.”
He noted that Tether dominance has been rejected at resistance, indicating that funds could soon be diverted from stablecoins to altcoins.
The Altcoin Season Index is not yet strong
While there is so much optimism in the market, the CoinMarketCap Altcoin Season Index did not echo the same sentiment. At the time of writing, the altcoin season index stood at 39, which is 11 index points short of the level needed to confirm an upcoming altcoin season.
In fact, the altcoin seasonal index could only reach the level above 50 for a short period in March, as shown by the 90-day chart.
Other on-chain statistics paint a worrying picture
Likewise, CryptoQuant’s CEX volume ratio for non-BTC versus BTC (excluding Stablecoins) also indicates that the altcoin season is uncertain.
Although the volume ratio is rising, the absence of Green Buy Walls signals a short-term altcoin bull run.
Additionally, the percentage of Altcoins near their All-Time Lows (ATL) chart from CryptoQuant suggests that nearly 30% of the entire altcoin market is currently hovering near its all-time lows.
Until the pink area starts to shrink, altcoin season remains a distant dream. However, AMBCrypto previously noted that if this were to happen, the upcoming altcoin season could be broader than previous cycles.
Final summary
- Analysts predict an upcoming altseason, making comparisons with previous cycles.
- The altcoin index and on-chain metrics paint a contrasting picture, suggesting that altseason is far from reality.