Bitcoin Surges to Record Highs Post Halving, Altcoins Lag Behind
Following the much-anticipated Bitcoin halving event, the cryptocurrency community was abuzz with speculation about a surge in Bitcoin prices and the onset of a strong Altseason. True to expectations, Bitcoin soared to new highs, surpassing the $100K milestone and reaching an all-time high of over $109K. However, while some altcoins like Solana and BinanceCoin saw positive momentum, the majority of altcoins failed to keep pace with Bitcoin’s rally.
According to data from Glassnode, the altcoin market cap has seen a significant decline of over $234 billion in the past two weeks, indicating a decoupling from Bitcoin’s price rally. Memecoins have attracted much of the liquidity, leaving top altcoins struggling to gain traction. The altcoin market dominance has hit its lowest point in four years, reminiscent of a similar trend seen in the last market cycle.
The surge in altcoin dominance seen in 2021, following the previous halving event, has not yet materialized in the current market cycle. Altcoins are struggling to recover from recent losses, with the market capitalization excluding Bitcoin and Ethereum showing signs of weakness.
Will Altseason be Delayed to 2026?
Despite the challenges facing altcoins, analyst Moustache remains optimistic about the potential for an Altseason in the future. The total market capitalization excluding Bitcoin is holding above key support levels, indicating a possible rebound in the near future.
With the total market capitalization excluding BTC holding strong above key support levels, there is hope for a resurgence in altcoin prices. The analyst believes that the upcoming altseason could surpass the previous cycle, offering new opportunities for investors in the cryptocurrency market.