Bitcoin dominance is holding near 60% even as altcoins post their strongest weekly move in months. The Altcoin Season Index has actually dropped to 36, signaling the market isn't in a full altseason yet.
Altcoins outside the top ten by market cap have gained about 23% this week, their strongest run in months. Yet Bitcoin isn't ceding ground.
Altcoins break a long-held support level
The broader altcoin category has broken a downtrend that held for about 1,000 days, climbing from the $150-160 billion support area. Total altcoin market cap, tracked as TOTAL2, has also pushed above $1 trillion from an $880 billion level, last seen near $1.03 trillion despite a small slip this week.
AMBCrypto previously reported that altcoins added around $215 billion in market value between the 19th and the 22nd, with mid and small-cap assets leading. In that stretch, 56% of Binance-listed altcoins traded above their 200-day moving averages, compared with only 15%-20% a year earlier.
Bitcoin dominance won't budge
Still, Bitcoin dominance was at 60.25% at press time, meaning Bitcoin continues to control the lion's share of the total crypto market. Dominance has held firm around the 60% mark and hasn't broken lower.
A proper altseason usually needs more than a few strong weeks for altcoins; traders would want to see Bitcoin dominance fall alongside a clear capital rotation into alternative assets. That hasn't happened yet — if anything, Bitcoin and altcoins are now more closely correlated.
CoinGlass's Altcoin Season Index was at 36, far from the 75 level commonly associated with altseason. That figure has actually dropped, as the same index recently stood at 46.
Source: AMBCrypto
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