The Altcoin Season: Has it Finally Arrived?
It’s been a wild ride for altcoin enthusiasts, with Ethereum (ETH) leading the charge. Over the past seven days, ETH has surged by over 20%, leaving smaller coins like Solana (SOL), Dogecoin (DOGE), and Binance Coin (BNB) in its wake. The LINK token from Chainlink has also seen a significant boost, rising by 30% in the same period. But what does this mean for the long-awaited altcoin season? Is it finally here?
A Painful Bull Market for Altcoin Dealers
2025 has been an exceptional year for Bitcoin, with the cryptocurrency steadily climbing to new heights. On July 14th, it reached a new all-time high of approximately $122,838, driven by increasing institutional demand and a favorable regulatory climate. However, the same cannot be said for altcoins, which have struggled to reach their previous highs. Ethereum’s poor performance, in particular, has led to divisions within its community and raised questions about the disconnect between its technology and price.
The Rollercoaster Ride of Ethereum
Just as Ethereum’s price began to break out, renowned trader and former BitMEX CEO Arthur Hayes sold 2,373 coins from his stock, causing a short-term headwind. However, those who held on to their ETH are now feeling euphoric, with the price increasing by over 50% in a month. Some predictive platforms are even forecasting price targets of over $60,000. Hayes himself took to Crypto Twitter to admit his mistake, saying, “Had to buy everything back, forgive me? I swear, I swear, I will never short again.”
Is the Altcoin Season Finally Here?
With Bitcoin and crypto being included in 401(k)s and Ethereum bulls like Buterin and Bankless finally believing in the strength of this latest rally, it’s tempting to think that the long-awaited altcoin season is finally here. However, it’s essential to note that this year’s altcoin season may differ from previous cycles. Prominent day trader and Link ambassador Ito Shimotsuma warns that every altcoin season is smaller than the previous one, and this time, only very selective alts will outperform.
A Word of Caution
Another well-known altcoin trader, Miles German, is also cautious, suggesting that a mini-altcoin season will occur, but investors should be aware of the rotation in BTC between $120,000 to $140,000. Meanwhile, Benjamin Cowen, founder of CryptoSlate, is less optimistic about alts, warning that this is not an altcoin season, but rather an “ETH season.” He advises investors not to confuse the two.
Is Bitcoin’s Rally Finally Over?
With Ethereum and altcoins pumping, Bitcoin is currently taking a backseat, and its dominance has dropped to 59.2% at the time of writing. According to Ecoinometrics, a Bitcoin macro strategy analyst, the correlation between Bitcoin and the NASDAQ explains the latest price action. As the NASDAQ picks up its upward trend, Bitcoin is moving with it again. All eyes will be on the wider macro image next week to see what the next step for Bitcoin will be and how long this altcoin season can last.
Ethereum Market Data
At the time of writing (12:41 PM UTC on August 9, 2025), Ethereum is in second place by market capitalization, with a price increase of 7.48% in the last 24 hours. Its market capitalization stands at $507.59 billion, with a 24-hour trade volume of $51.18 billion.
Crypto Market Overview
The entire cryptocurrency market is currently valued at $3.94 trillion, with a 24-hour volume of $170.51 billion. Bitcoin’s dominance stands at 59.18%. As the market continues to evolve, it’s essential to stay informed and adapt to the changing landscape.
