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The cryptocurrency market remains tilted toward Bitcoin as the Altcoin Season Index stands at 27. Ted Pillows and other analysts believe a true rally begins when altcoin market capitalization hits a new all-time high. This breakout signals stronger momentum in the market.
Bitcoin Keeps Control as Altcoin Season Index Stays Weak
It is worth noting that the crypto market is showing signs of recovery, but Bitcoin is still leading. The CoinMarketCap Altcoin Season Index currently stands at 27, indicating a focus on Bitcoin rather than altcoins.
This means most top altcoins have not performed better than Bitcoin over the last 90 days. Market watcher Ted Pillows said that the current rise in a few altcoins does not signal the start of Altcoin season.
According to him, “selective alts pumping is not a sign of Altseason.” He explained that altcoins must first reach a new total market cap record before a proper rally can begin. On CoinMarketCap, Bitcoin trades near $101,688, holding a strong market cap above $2 trillion.
Meanwhile, the largest altcoin, Ethereum, is priced around $3,372. At the same time, the total crypto market cap stood at $3.42 trillion, up by a little over 1%. It is worth noting that the market data reveal mixed results among the top 100 coins.
Zcash (ZEC) and Astar (ASTER) posted significant 90-day gains of over 1,000%. On the other hand, several others, such as Solana (SOL) and Ethereum (ETH), dropped by more than 13%. This uneven performance suggests that the market is not yet in a broad altcoin phase.
The Altcoin Season Index, which once hit a high of 87 in December 2024, has fallen back sharply. Market watchers interpret this to mean that the number shows that altcoins are still lagging behind Bitcoin.
The broader crypto community agrees with this view, as many traders continue to focus on Bitcoin dominance for direction.
October Sell-Off Cleared Excess Leverage
Recent market data indicate that October 2025 witnessed one of the largest liquidation waves in recent cryptocurrency history. Total liquidations reached nearly $10 billion across exchanges, affecting both long and short traders.
Despite this, the overall market capitalization remained above $3 trillion, indicating that investor confidence has not waned. In a recent post from Coinbase Institutional, the firm described the sell-off as a reset rather than a crash.
The firm stated that October’s sell-off was not the end of the bull market cycle. It may have been the reset it needed.” It noted that leverage has been cleaned out while key fundamentals remain solid.
Coinbase noted that institutional investors are gradually returning, with a focus on EVM-based chains, real-world asset protocols, and yield platforms.
Furthermore, analysts said capital is rotating within the market, not leaving it entirely. Liquidity remains tight, but this phase could be laying the groundwork for the next significant move.
What Could Trigger the Next Altcoin Season
Analysts identify a key breakout signal for Altcoin Season: a notable increase in the total market capitalization of altcoins. They emphasize this excludes stablecoins, focusing on genuine momentum. This level must surpass its previous all-time high to confirm renewed strength.
Until that happens, the market remains in a cautious phase. The Altcoin Season Index continues to retrace, indicating that altcoins are still struggling to gain dominance. Most traders believe that more liquidity and consistent volume growth are needed before a major rally can begin.
For now, market participants are focused on Bitcoin’s trend. If Bitcoin stabilizes and altcoins begin to catch up, a subsequent broad rally may follow. However, for the moment, it remains a waiting game, with selective gains here and there rather than a full breakout.
