The altcoin market is still in a holding pattern, according to crypto analyst Michaël van de Poppe, who sees no clear signs of a trend reversal just yet.
Citing the Others.D chart — which measures the market cap share of cryptocurrencies outside the top 10 — van de Poppe likened current conditions to the summer of 2019, a period that preceded a significant rally but was marked by prolonged accumulation.
The metric has been in decline since its late 2021 peak and now sits near 7.26%, just above a long-standing support zone. Historically, deep troughs in this reading — such as 4.25% in 2019 and 6.5% in 2022 — have aligned with major altcoin rebounds.
A breakdown from here could push the metric back toward those historically lucrative levels, between 4.25% and 5%, which have often signaled maximum opportunity for altcoin accumulation.
Volume patterns support the accumulation thesis, with spikes at past cycle lows often marking either capitulation or renewed buying pressure. However, these signals haven’t yet confirmed a reversal.
Adding to the cautious outlook is the CoinMarketCap Altcoin Season Index, which currently reads 35 out of 100. A score of 75 is needed to declare “altcoin season,” meaning Bitcoin is still handily outperforming most altcoins. The index has dropped from 43 last week and remains far from its December 2024 peak of 87.
Technically, momentum remains muted. The Relative Strength Index on Others.D sits near a neutral 50, suggesting neither overbought nor oversold conditions, and volume trends mirror those seen in prior accumulation stages. For now, “Bitcoin season” remains in effect, and the broad altcoin breakout that many traders are waiting for has yet to arrive.
