Altcoin season for now seems to be halted, with further retrace mens possible in future.

As the crypto market hovers in a state of uncertainty, Real Vision’s chief crypto analyst Jamie Coutts believes altcoins still have one more rally left this cycle. However, only those with strong utility and rising network activity are likely to benefit.Altcoins Could See a Final Surge by JuneIn an April 3 livestream with Real Vision co-founder Raoul Pal, Coutts forecasted a potential altcoin breadth thrust by June, contingent on Bitcoin returning to all-time highs.“There will be one more thrust from altcoins,” Coutts said. “The question is whether it’s a sustained six- to twelve-month rally.”The analyst emphasized that network activity is the “north star” for traders navigating altcoin markets. Rather than speculating across the board, investors should monitor where on-chain user activity is concentrating. Quality Altcoins Over QuantityWhile there are over 36 million altcoins in existence, Ethereum continues to dominate the landscape, holding 55.56% of total value locked (TVL), according to CoinGecko. It’s followed by Solana, Bitcoin, BNB Chain, and Tron — each with under 7% market share.Coutts warned that not all altcoins will participate in the next upswing. Only “quality names” with real use cases and network traction are poised to see gains.“Activity drives prices,” he noted, highlighting that utility, not hype, will lead the next wave.Altcoin Metrics Signal Bearish SentimentDespite the hopeful outlook, several altcoin market indicators continue to flash bearish signals:Capriole Investments’ Altcoin Speculation Index dropped to 12%, plunging 53% since late December.CoinMarketCap’s Altcoin Season Index scored a 14 out of 100, signaling the market is firmly in “Bitcoin Season.”Bitcoin dominance remains high at 62.84%, historically a level that precedes altcoin retracements, though some experts say it’s no longer a reliable signal.According to CryptoQuant CEO Ki Young Ju, trading volume — not BTC dominance — is the new indicator for altseason readiness.If Bitcoin reclaims its all-time highs by Q2's end, altcoins could see a sharp, final rally — but only a select few will rise. Traders should look past speculation and focus on blockchain network activity, user engagement, and product-market fit when selecting altcoins in this maturing market cycle, according to Cointelegraph.