Is Altseason Starting? What the Charts and Market Data Show

Altcoin charts are flashing bullish setups, but market data shows money has yet to rotate into altcoins. The Altcoin Season Index stood at 39 on November 4, far below the 75 altseason threshold.

Technical patterns on Bitcoin (BTC) dominance and Ethereum (ETH) point toward a possible shift in favor of altcoins. Market capitalization and stablecoin dominance data, however, show traders keeping their distance.

The Charts Making the Case for Altcoins

Bitcoin dominance measures Bitcoin’s share of total crypto market value. A chart shared by Ash Crypto shows the metric rejected at a descending trendline for a third time.

Dominance stood at 60.43% at the time. Repeated rejections suggest Bitcoin is struggling to grow its share of the market. Meanwhile, the same chart shows altcoin dominance holding a key support level.

Ethereum has also gained ground against Bitcoin. The ETH/BTC pair closed October above a multi-month trendline, even though the monthly candle finished red.

Ash Crypto noted the pair still needs a break above key resistance to confirm the trend. A confirmed altcoin season would also require capital to flow into altcoins. The market data does not show that rotation yet.

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Stablecoins Hold Their Share as Retail Looks Away

The crypto market cap excluding Bitcoin and Ethereum, tracked as TOTAL3, fell 1.05% on November 4 to $734 billion. It has formed lower highs since topping above $850 billion in late September. 

Tether (USDT) dominance moved in the opposite direction. It rose to 6.993% on November 4, up from about 6.4% in early October. A rising stablecoin share can signal traders holding cash, though falling altcoin prices also lift it.

Retail attention has faded as well. Worldwide Google Trends interest in “altcoin season” scored 6 for the week of October 25 to November 1. That marks a 60% drop from the preceding year.

The reading peaked at 100 in early November 2025, when BeInCrypto tracked early altseason signals. Carl Moon framed the drop as a possible calm before an altcoin rally. Traders often read retail apathy like this as a contrarian signal.

For now, 3 levels could settle the debate. TOTAL3 would need to hold the $730 billion zone that acted as support in late August and mid-September. USDT dominance would need to reject the 7.2% area that capped it in mid-September. The Altcoin Season Index would also need to reclaim 50. 

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