Altcoin Season on Hold: OTHERS Dominance Remains Subdued

By Miles O’Connor

The cryptomarket isn’t really geared up for an altcoin season right now, even with OTHERS dominance comparable to 2021 highs. Though the low OTHERS dominance in 2021 came right before a massive altcoin run, the conditions of the market today appear to be pointing toward an opposite fate. All OTHER Cryptos Combined Dominance - 8% The OTHERS dominance is currently at about 8%, the market share of every non-bitcoin, non-ethereum cryptocurrency combined. That’s on par with the high watermark we experienced prior to the post-COVID crash recovery boom.

OTHERS Dominance and Historical Trends

Historically, altcoin seasons have started when OTHERS dominance fell to around 40%. Bitcoin dominance would need to fall by 40% to hit this level. This projection is informed by the trends we saw in 2017 and 2021. The current OTHERS majority is 8%. This level represents a monumental departure from the levels typically associated with the start of an altcoin season. It should be mentioned that today’s OTHERS hegemony is not at its very bottom historic level.

Ethereum dominance has seen a significant loss too, hitting a 5-year low. This significant drop, along with the relatively quiet OTHERS dominance, presents a tangled narrative of today’s market climate.

Analyst's Perspective

Market analyst Stockmoney Lizards indicates that an altcoin season is not around the corner. Despite this, they’re not ready to completely rule out the option of another altcoin season. Stockmoney Lizards stands by its prediction that an altcoin season would eventually arrive. This latest prediction highlights the uncertainty and volatility still present in the cryptocurrency market.

Market Outlook

Meanwhile, the crypto market is still showing signs of bearish movement, pushing back hopes for an altcoin season even more. Investors and cryptocurrency enthusiasts are encouraged to stay cautious and stay alert to market patterns. The hoped-for altcoin season remains a distant dream. The market simply hasn’t been displaying the proper environment for a major altcoin rally to begin.

Miles O’Connor

Altcoin Macroeconomics Analyst

Miles O’Connor, from Dublin, offers incisive, independent analysis of altcoin economics, uniting libertarian insights, technical expertise, and a disruptive, candid writing style. He thrives at the edge of innovation, challenging the status quo with each piece.