The current total market capitalization of altcoins is at $1.16 trillion, reflecting a 23.63% decrease from the peak set earlier this year. Meanwhile, the Altcoin Season Index is currently at 29 — a number indicating that Bitcoin remains the dominant force in the cryptocurrency market. However, according to leading cryptocurrency analyst Michael van de Poppe, altcoins may soon enter a strong breakout phase.
Overview of the Altcoin Market in 2025
Entering 2025, the altcoin market capitalization started at about $1.34 trillion and quickly peaked at $1.51 trillion on January 17. However, the market then plummeted, dropping sharply by 42.12% and hitting a low on April 8.
From April 9 to May 13, the market experienced a relatively strong recovery with a 43.6% increase but has not yet fully regained the lost growth momentum. Since May 8, the market has been sideways, fluctuating within a range of $1.01 to $1.26 trillion — a clear sign of the accumulation phase before potentially entering a new trend.
What Does the Altcoin Season Index Indicate?

The Altcoin Season Index is a tool used by the community to determine whether the market is in an altcoin season or a Bitcoin season. According to the index's definition:
Altcoin Season: If 75% of the coins in the top 100 have performed better than Bitcoin in the last 90 days.
Bitcoin Season: If 25% or fewer of the coins in the top 100 outperform Bitcoin.
Currently, only 29 out of the top 100 altcoins have outperformed Bitcoin in the last 30 days, indicating the market is still deep in 'Bitcoin season.'
Bitcoin has surged 36.65% in the past month, continuing to solidify its dominant position. However, some smaller altcoins have seen explosive price increases during the same period:
SYRUP: +451.69%
PENGU: +268.71%
HYPE: +233.70%
VIRTUAL: +230.65%
SPX: +193.91%
WIF: +154.32%
AAVE: +115.40%
These numbers suggest that while the entire altcoin market has not yet entered its 'season,' some smaller tokens are starting to show strong breakout signs.
Michael van de Poppe: Alt Season May Be Approaching
In a recent post on X (Twitter), renowned analyst Michael van de Poppe shared that the Altcoin Season Index typically hits a low in June — a historical sign that the altcoin market will begin to recover strongly in the second half of the year.
According to Poppe, "We are still in the middle of the crypto market's bullish cycle. As central banks' quantitative easing (QE) policies are expected to continue, the macro environment is gradually becoming favorable for a new altcoin rally."
Will the Alt Season Coming Soon Surpass Q4/2023?

Michael van de Poppe also compares the current context to the strong altcoin rally in Q4 2023. At that time, the altcoin market capitalization rose from $120.7 billion to $213.43 billion — equivalent to a 76.85% increase.
If history repeats itself, Poppe believes that a similar (or even larger) price increase could very well occur in the coming months. With market sentiment turning positive again, some altcoins have begun to establish trends, which could be the preparatory phase for a true altcoin season.
Conclusion
Although the altcoin market has yet to break out of the accumulation zone and Bitcoin remains the main character in the current growth story, signs from technical analysis and historical data indicate that an altcoin season may be approaching.
With a more favorable macro backdrop, combined with the strong growth of small-cap altcoins, investors should start paying more attention to opportunities in this market. If Michael van de Poppe's forecast is correct, the second half of 2025 could be an explosive time for assets outside of Bitcoin.