Currently, there is a lot of discussion going on around the possibility of an impending altcoin season.
Many analysts and traders in the cryptocurrency space are predicting that 2026 will see the biggest altcoin season since 2021.
Crypto trader Mustache noted:
The biggest Altseason since 2021 is starting, you can already see it with some alts. They are the leaders. It’s always like that, the first signs.
Echoing a similar sentiment, Dylan Chan, data analyst at Binance, noted:
Get ready for this altcoin season.
Altcoin Index vs. Bitcoin Dominance
Yet despite the hype, the altcoin index was at 37 at press time. However, the index needs to surpass another 76 points to resist Bitcoin (BTC) dominance.
Moreover, King Coin’s dominance was 60.62% at the time of publication, indicating that the Bitcoin season is currently strong.
Still, the market looks complicated, with altcoins like Worldcoin (WLD) up more than 23% in the past 24 hours through press time and more than 45% in the past week. Similarly, Near Protocol (NEAR) saw an increase of 66% in the past week and 15% in the last 24 hours.
While the overall cryptocurrency market was in a bearish zone, it and a few other altcoins were seeing double-digit increases.
On-chain data paints a different picture
The average correlation of altcoins with BTC provided a clearer picture, indicating that most altcoins are still heavily dependent on the direction of Bitcoin, even during sporadic altcoin rallies.
In fact, AMBCrypto previously reported that Bitcoin still remains the only true leader in the cryptocurrency space.
Indeed, despite the current busyness of the space, Bitcoin remains above the $75,000 price level, setting an overall bullish tone.
Final summary
- The cryptocurrency community is expecting an altcoin season that hasn’t happened since 2021.
- The atcoin index, Bitcoin dominance, and altcoins’ average correlation with BTC suggest otherwise.
