On July 14, 2025, Bitcoin crossed $123,000, marking a new all-time high. After a strong Bitcoin bull market, capital usually flows into other crypto assets, a phenomenon known as the altcoin season. So, can we now assume that the altcoin season has fully begun? Let’s discuss in detail.
Altcoin Season Index
According to Google Trends, the search interest for the word “altcoin” reached a peak score of 100 on July 18. Market observers track an index called the Altcoin Season Index (ASI), which shows how many of the top 50 altcoins are outperforming Bitcoin.
On July 22, this index was at 53, which later rose to 59. However, just a month ago in June, this index was only 12. While a score of 75 is considered confirmation of a full altcoin season, this increase clearly indicates a shift in momentum.
So, can we assume we are in an altcoin season?
To confirm altcoin season by most standards, at least 75% of the top 50 or 100 altcoins must outperform Bitcoin within 90 days. But the reality is that the current data hasn’t reached that level yet.
On the other hand, Bitcoin still holds about 60% of the total crypto market capitalization. In previous cycles like 2018 and 2021, Bitcoin’s dominance dropped to 40–50%. But now, it’s still holding over 10% more than half of the market.
In light of these facts, it can be said that Bitcoin remains the main driver of the market. Although altcoins are gaining some momentum, they have yet to take the lead.
Interestingly, some major altcoins are already pushing the altcoin season narrative through strong price gains. Among them are:
- Cardano
- Ethereum
- Solana
- XRP
- Cardano has increased by up to 60% in the past month. This price surge was driven by increased DeFi usage and a rise in total value locked on the network.
- Ethereum is currently trading around $3,700 (at the time of writing), the highest in six months. Protocol upgrades and stable staking yields have played a significant role behind this.
- Solana has risen by nearly 40%, with NFT trading and DeFi activity becoming significantly more active again.
- XRP reached $3.64 on July 18, the highest in years. This was due to positive regulatory developments and increased use of the XRP Ledger in international transactions.
So it can be said, if this trend continues, many other tokens may also gain momentum, increasing the likelihood of an ongoing altcoin season.
Altcoin Market Cap
Recently, the altcoin market cap has broken through some key resistance levels. According to the TOTAL2 chart, the altcoin market cap has broken out of a multi-year Cup and Handle formation. This pattern started in 2021 and completed in early 2025.
On July 21, the altcoin market cap crossed $1.6 trillion, which previously acted as a resistance level.
Another important point is that Bitcoin dominance saw its largest weekly drop in four years, falling from 65% to around 61%. This mainly indicates a capital shift toward altcoins.
However, it’s important to note that this change doesn’t mean Bitcoin is weakening, but rather that other tokens are becoming stronger.
Meanwhile, the funding rate in the futures market has also increased, although it hasn’t reached extreme levels yet. This mainly shows that the market is gaining momentum steadily not through leverage, but due to organic demand.
Conclusion
From the discussion above, we understand that the breakout in altcoin market cap, decline in Bitcoin dominance, and rise in funding rates all suggest that investors are giving more importance to altcoins. Credibility is increasing. So demand is also growing day by day.
However, we must remain very cautious because the market can change at any time. Trade carefully and never invest money you can’t afford to lose or that would put you in serious trouble if lost.
