Some Altcoins Surge, but Broader Market Remains Fearful and Bitcoin-Dominated

An “altcoin season” typically refers to a broad rotation of profits and liquidity into small- and mid-cap tokens after Bitcoin rises. Whether a market-wide rally emerges is an important gauge of risk appetite and market structure. CryptoQuant says about 47 million cryptocurrencies have been issued worldwide, with the surge in supply diluting liquidity. Bitwise Chief Investment Officer Matt Hougan therefore believes the traditional broad-based altcoin season may be over.

On April 17, 2026, CoinGecko data showed that the 30 best performers over the previous 7 days among the top 1,000 tokens by market capitalization had risen by an average of 153.5%. However, ORDI, BIO and BASED together accounted for nearly 70% of trading volume. The CoinGlass Altcoin Season Index stood at just 36, while the Fear and Greed Index was 22. By June 20, CryptoQuant said Bitcoin-to-altcoin trading volume had fallen to its lowest level since 2021, indicating that capital rotation had yet to broaden.