Altcoin Season Never Ended — Traders Just Missed the Winners?
Hey crypto folks — there’s a hot debate right now: while many traders are convinced altcoin season is long gone, some voices in the market argue it never actually ended — you just didn’t hold the right coins. Leading this view is BitMEX co-founder Arthur Hayes, who says altcoin strength has been happening in pockets all along, but traders kept waiting for a broad market rally that never came.
Instead of relying on old altcoin playbooks — buy what pumped in previous cycles — Hayes suggests the cycle has been fragmented. Some assets quietly delivered major gains, but most traders missed them because they were too focused on past winners.
This raises the question: Is “altcoin season” really over, or has it just changed shape — favoring selective narratives over broad market rallies? Drop your thoughts
4 Answer
There’s truth in both views. Yes, a handful of altcoins have flown under the radar and made big moves — but without broad momentum and reduced Bitcoin dominance, it doesn’t feel like a true alt season in the traditional sense. It’s more like micro-cycles inside the larger cycle.
For me, altcoin season means wide outperformance across many tokens, not just a few winners. If only scattered assets outpace BTC, that doesn’t meet the classic definition used by most traders and metrics like the Altcoin Season Index — which is still low and hasn’t signaled a full alt season.
I think Hayes has a point. The traditional idea that altcoin season means everything pumps together might be outdated. In 2025, narratives have been more niche — DeFi protocols, privacy tokens, and AI-related chains have outperformed parts of the market even while overall sentiment looked weak to some traders.
Honestly, I’m skeptical about calling any of this altcoin season. Many traders define it as sustained, broad outperformance relative to BTC. BTC dominance remains firm, and most altcoins still underperform BTC over longer periods. Till that changes, I wouldn’t say the season is here.
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