CryptoQuant data shows Bitcoin outperforming large-cap and mid/small-cap altcoins, recording the weakest relative altcoin performance in the current cycle.
At the start of 2024, we had our only strong altseason-like pump as mid and small-cap altcoins rallied, briefly surpassing Bitcoin, before momentum faded.
Then late 2024 to early 2025 was an altcoin stall as Bitcoin remained strong and any shift to smaller cap tokens was still not materializing.
The current crypto market shows the weakest altcoin performance of the cycle, suggesting altseason momentum is yet to begin.
Weak Altcoin Reaction Compared to Bitcoin
Data from CryptoQuant, shared by analyst Darkfost, indicates that Bitcoin remains dominant against large-cap and mid/small-cap altcoins. The comparison chart shows top 20 altcoins and smaller market cap tokens underperforming relative to BTC.
Darkfost noted in his post, “The altseason hasn’t really started yet. We are currently seeing the weakest altcoin performance of this cycle.” He added that while smaller tokens had short periods of strong gains earlier, current conditions remain subdued.
https://twitter.com/cryptoquant_com/status/1954828675104244101
The analyst’s review pointed to early 2024 as the only period resembling a true altseason in this cycle. At that time, mid and small-cap altcoins surged sharply over a short period, surpassing Bitcoin’s growth rate.
Past Phases of Altcoin Performance
According to Darkfost, a second phase of altcoin activity emerged in late 2024 and early 2025. This time, however, Bitcoin’s performance stayed ahead of most altcoins, preventing a broader shift into smaller market caps.
CryptoQuant’s comparison shows this current phase is even weaker, with altcoins failing to generate strong breakouts. Market participants observing historical patterns might note that similar early-cycle behaviors have preceded more active altcoin phases in previous years.
The current underperformance suggests that market liquidity and investor focus remain concentrated on Bitcoin. Altcoins have yet to trigger sustained interest from traders seeking higher volatility opportunities.
Patience Required for Potential Altseason
Darkfost stated that patience is still necessary, as the market may be in the early stages of an altcoin build-up. While historical patterns suggest that altseason often follows strong Bitcoin rallies, the current market has not yet reached that point.
The analyst’s view remains that the altcoin market’s muted reaction leaves room for potential future growth. However, current conditions show Bitcoin firmly maintaining dominance across the market spectrum, from large-cap assets to the smallest tokens.
