An analysis of the current state of the cryptocurrency market shows that altcoins are exhibiting the weakest performance in the current cycle. Data from CryptoQuant suggests that Bitcoin continues to dominate.
Current Status of Altcoins
Data from CryptoQuant, shared by analyst Darkfost, indicates that Bitcoin remains dominant against large-cap and mid/small-cap altcoins. The comparison chart shows top 20 altcoins and smaller market cap tokens underperforming relative to BTC.
Darkfost noted in his post, *“The altseason hasn’t really started yet. We are currently seeing the weakest altcoin performance of this cycle.”* He added that while smaller tokens had short periods of strong gains earlier, current conditions remain subdued.
Past Phases of Altcoin Performance
According to Darkfost, early 2024 was the only period resembling a true altseason in this cycle. At that time, mid and small-cap altcoins surged sharply over a short period, surpassing Bitcoin’s growth rate.
A second phase of altcoin activity emerged in late 2024 and early 2025; however, Bitcoin’s performance stayed ahead of most altcoins, preventing a broader shift into smaller market caps. The current phase shows even weaker results, with altcoins failing to generate strong breakouts.
Patience Required for Potential Altseason
Darkfost stated that patience is still necessary, as the market may be in the early stages of an altcoin build-up. While historical patterns suggest that altseason often follows strong Bitcoin rallies, the current market has not yet reached that point.
The analyst’s view remains that the altcoin market’s muted reaction leaves room for potential future growth. However, current conditions show Bitcoin firmly maintaining dominance across the market spectrum, from large-cap assets to the smallest tokens.
Current conditions in the altcoin market suggest the need for vigilance and patience from investors, as the altseason may still be on the horizon.
