Foreign media report that the altcoin market has recently regained momentum. According to CoinGecko data, the total market capitalization of altcoins has risen to $974 billion. Meanwhile, the Altcoin Season Index is currently at 48, still in the "Bitcoin Season" range, but just two points away from the 50 threshold that signals the start of the "Altcoin Season."
Some analysts conclude that market conditions are shifting in favor of altcoins, comparing the current phase to the rotation cycles of 2024 and 2025, and suggesting that if Bitcoin’s dominance continues to decline, altcoins may experience more pronounced catch-up gains.
Analysts bet on the rotation continuing.
Peter Anthony, founder of House of Crypto, said that after Bitcoin dominated the market for a long time, the current structure of the crypto market is changing, and the relative performance of altcoins is beginning to improve.
He believes the current environment is better than in 2022, when a large number of altcoins entered a deep bear market relative to Bitcoin after the liquidity-driven rally ended. According to his assessment, the altcoins performing strongly now are more likely to continue with a pattern of higher highs and higher lows.
On-chain data still shows pressure.
However, not all observers share the same view; some traders have noted that the previous sell-off of altcoins may have been underestimated by the market.
CryptoQuant’s one-year cumulative buy-sell volume differential for altcoins shows that altcoins have been in a net selling position for the past approximately 17 months, with a cumulative net selling pressure exceeding $250 billion. The trader believes this indicates long-term investor avoidance of small- and mid-cap tokens, with capital flowing more toward Bitcoin and relatively stable assets.
From the price distribution, market sentiment has not fully recovered. Data shows that as of June 2026, nearly 40% of altcoins are still trading near their historical lows. Such levels typically correspond to the clearing phase following concentrated selling, rather than the peak of a market cycle.
Sentiment has improved, but consensus has not been reached.
Some analysts have also noted that investor sentiment toward altcoins has improved compared to six months ago, and the market has not fallen into uniform pessimism.
According to their analysis, some altcoins have already begun to rise, with certain tokens reaching new highs for the year and a few projects even setting all-time highs; in contrast, Bitcoin remains near its recent lows and lacks strong upward momentum. This divergence has led some traders to continue betting on capital flowing from Bitcoin into altcoins.
Overall, the altcoin season index is approaching a key threshold, reinforcing market expectations of sector rotation. However, sustained net selling pressure and a high proportion of tokens remaining at low levels indicate that capital has not fully returned. In the short term, the altcoin market appears to be in a phase where rising expectations coexist with divergent realities.