 
 
Altcoin season, a period when alternative assets secure more gains than the apex cryptocurrency Bitcoin, has been a hot topic for months. While July saw leading altcoins kick off an upward run that sent a handful of altcoins to new levels, a market expert is asserting that the highly anticipated rally is still not in sight.
In an X post shared on August 9, pseudonymous crypto analyst Darkfost provided clarity on the present state of the altcoin market.
The analyst declared that altcoin season has yet to kick off and further interpreted key chart patterns validating his assertion.
Breaking down the on-chain chart from Cryptoquant, the analyst who examined Bitcoin (BTC), the top 20 largest crypto and mid-small size crypto by market, resolved that the market is currently experiencing the “weakest altcoin performance of this cycle.”
The analyst recounted the upward rally observed during the early part of the year, when a handful of lower-capped altcoins dethroned Bitcoin in market performance. Darkfost maintained that the current market trend does not reflect the previously observed movement.
 
“The strongest move, which looked more like a “true” altseason, happened in early 2024 when altcoins, especially mid/small caps, outperformed BTC over a short period of time. That’s far from the case today, so patience is still required.” He wrote.
Another market analyst, Michael Van De Poppe, has made a notable observation about the current altcoin market cap, stating that it currently holds above the crucial resistance zone of $1.2 trillion.
Expressing an optimistic near-term outlook, Poppe predicts that massive inflows will be recorded this second quarter, and could potentially push the market cap to a lower end of $3 trillion and a higher end of $5 trillion.
At report time, the altcoin index from CoinMarketCap shows that only 33% of altcoins are outperforming Bitcoin at this time. Notably, 77% of the top 100 altcoins must outperform Bitcoin over a 90-day period for altcoin season to kick off officially.
Source: https://zycrypto.com/altcoin-season-hasnt-started-yet-analyst-reveals-despite-august-rally-hopes/