Is there still a season for altcoins?

In previous years, the market share of Bitcoin during the altcoin season was over 70%, and Bitcoin needed to break through its previous high, then consolidate for a few days, after which altcoins would start to rally. Once Bitcoin stabilized, it would continue to rise, and altcoins would continue to follow.

After several rounds, Bitcoin would reach its peak and start to decline. Altcoins would also begin to drop gradually, and a bear market would commence! In a bear market, Bitcoin can drop as low as 85%, while altcoins can drop by 99%.

However, looking ahead to 2024, there will be two small bull runs, one in March and one in December. In both instances, Bitcoin's market share did not exceed 70%, and after both times Bitcoin broke new highs, altcoins only experienced one round of increase before starting to plummet.

This is because Bitcoin did not continuously break new highs. Looking back at the bull market from January to April 2021, Bitcoin's market share reached over 70% in January. Over the next four months, it consistently broke new highs, tripling in value, while altcoins increased by dozens of times.

If Bitcoin does not break new highs moving forward, then there will indeed be no altcoin season! Or if Bitcoin breaks a new high and then drops back down, there will also be no altcoin season!