Dear Spectators of the Digital Circus, over the past weeks, the altcoins’ season, or the altseason as the young folks call it, has become the grand narrative of the digital asset market, dominating all conversations among the crypto aficionados. This narrative is beginning to feel as organic as a well-rehearsed play, thanks to the stellar performances of the noblest altcoins, ETH and XRP, in recent weeks.
Ethereum, the self-proclaimed “king of altcoins,” has been on a rather regal run in the last two months, reclaiming the $4,000 mark for the first time since the fateful month of December 2024. Meanwhile, the humble XRP has ascended above $3, surging by more than 10% in the past week, much to the delight of its loyal followers.
However, the latest on-chain observations suggest that the altcoin season might be nothing more than a warm-up act, far from reaching its climax. The altseason, a period when mid and small-cap altcoins dare to outshine the mighty Bitcoin, is typically marked by a grand migration of capital from the largest cryptocurrency to the rest of the market.
Last True Altcoin Season Was In Early 2024: Analyst
In a recent post on the X platform, an on-chain analyst known by the mysterious name Darkfost declared that the altseason “has not truly begun yet.” This bold claim comes despite the relatively improved performance of the altcoin market over the past few months, with various non-BTC assets leading the sector in gains, much like a troupe of jesters stealing the spotlight from the lead actor.
The reasoning behind Darkfost’s theory is rooted in the comparative performance of various asset classes relative to Bitcoin over the last few months. The analyst meticulously compared the market cap growth of Bitcoin, large-cap altcoins (the top 20 largest altcoins), and mid-to-small-cap altcoins by calculating the difference between their 365-day and 30-day moving averages (MAs). A task as tedious as counting grains of sand on a beach, but necessary for the discerning observer.
Typically, the difference between the 365-day moving average and the 30-day moving average serves as an indicator of growth momentum. When the short-term moving average (30-day MA) rises faster than the long-term moving average (365-day MA), rapid market cap growth is observed, akin to a sprinter outpacing a marathon runner. Conversely, a lagging 30-day moving average suggests a slow growth momentum, much like a snail racing a hare.
In their post on X, Darkfost lamented that the altcoin market is experiencing its weakest performance in this cycle relative to the premier cryptocurrency. The chart, a visual feast for the eyes, clearly shows that the Bitcoin market capitalization currently outpaces the top 20 largest altcoins and the other mid-to-small-cap assets, much like a lion towering over its prey.
According to the crypto analyst, this similar performance pattern was observed earlier in the year, before the market took a nosedive, much like a comedy that turns into a tragedy. However, Darkfost noted that the most vibrant action, resembling a “true” altseason, occurred back in the first quarter of 2024, a time of great joy and prosperity for the altcoin community.
Altcoin Market Capitalization
As of this writing, the altcoin market is valued at over $1.55 trillion, reflecting an over 12% increase in the past seven days, a testament to the enduring spirit of the crypto market, much like a phoenix rising from the ashes.
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2025-08-09 22:13