Introduction

Bitcoin has surpassed the $85,000 mark, Ethereum has updated local highs, but the overwhelming majority of altcoins remain in the shadows. Despite the overall bullish sentiment, there is no real sign of an altseason yet. Why is this happening? And when can we expect it to start?

1. What is an altseason?

Altseason is a market phase in which most altcoins show growth that outperforms Bitcoin in returns and rates.

Key signs of an altseason:

  • Decrease in BTC dominance (usually below 50%)

  • Growth of ETH and other altcoins faster than BTC

  • Increase in trading volumes on centralized and decentralized exchanges

  • Active influx of capital into low-cap tokens

2. Why hasn't the altseason of 2025 started yet?

1. Bitcoin continues to dominate

As of April 2025, Bitcoin's dominance is around 64%, the highest since January 2021. This means that the main liquidity is still concentrated in BTC.

2. Influx of capital through ETFs

The majority of new investments are coming through spot ETFs from BlackRock, Fidelity, and others, which keeps capital in Bitcoin and prevents altcoins from 'taking off'.

3. Cycle psychology

Investors first focus on 'safe' assets — BTC and ETH. A mass transition to altcoins occurs after the consolidation phase of Bitcoin.

3. When to expect a real altseason?

If Bitcoin stabilizes in the range of $80,000–90,000 and begins to consolidate, it could trigger a capital redistribution into altcoins.

4. What signals will indicate the start of the altseason?

  • Drop in BTC dominance below 60%

  • Increase in trading volumes on DEX (Uniswap, Jupiter, Raydium)

  • Surge in on-chain activity in Solana, Arbitrum, Base

  • Active movement in meme coins (PEPE, WIF, MUBARAK)

5. Who will take off first?

Ethereum ecosystem:

  • L2: Arbitrum, Optimism, BASE, Manta

  • DeFi: AAVE, Curve, Sushiswap

  • Infrastructure: Chainlink, ENS

Solana ecosystem:

  • Meme coins: BONK, WIF, SLERF

  • Infra and staking: Jito, Pyth

Cosmos ecosystem:

  • Celestia (TIA), dYdX, Stride (STRD)

Universal ideas:

  • On-chain infrastructure: Wormhole (W), Render (RNDR)

  • Retail tokens: PEPE, JUP, FLOKI, MUBARAK

Conclusion

Altseason is not a single event, but a phase of capital redistribution. The market is currently in a waiting mode: institutions have entered BTC, retail is beginning to move into meme coins. The next step is a large-scale transition to mid-cap altcoins.

Watch for the decline in BTC dominance, spikes in volumes, and activity in Solana and L2 — a real altseason could begin at any moment.

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