Too many tokens? Analysts argue that excess supply could end altcoin seasons.
With 36.4 million tokens flooding the market, analysts are questioning whether altcoin seasons are a thing of the past.
Cryptocurrency analysts and traders debate whether the altcoin season has ended, a period when alternative cryptocurrencies outperform Bitcoin in the market.
Historically, altcoin seasons have been marked by significant price surges of cryptocurrencies that are not Bitcoin.
In the 2017-2018 cycle, the altcoin market experienced its most explosive growth, with coins like Ether recording record gains.
Crypto analyst Ali Martínez argues that the large number of altcoins now makes the possibility of a sustained altseason unlikely.
"These days, there are more than 36.4 million altcoins, compared to fewer than 3,000 during the 2017-2018 altcoin season and even fewer than 500 altcoins in 2013-2014," Martínez posted on X, citing data from Dune Analytics. "With such a massive supply, the market has changed significantly".