"Altcoin rebound isn't easy… Possibility of a 'Bitcoin season' continuing into 2026"

The altcoin (virtual assets other than Bitcoin) market has failed to show clear signs of a rebound, leading to analysis that a Bitcoin-centered market structure is likely to continue into 2026. Major indicators are assessed to suggest that an altcoin season has not yet arrived.

On the 23rd, according to crypto-focused media Cointelegraph, the total market capitalization of all virtual assets excluding Bitcoin (TOTAL2) is down about 32% from the October peak. On a weekly basis, it has fallen below the 50-week exponential moving average, which had been a key support, and trend indicators are also maintaining sell signals.

Bitcoin dominance (market share) is showing a rising trend again. Bitcoin's share, which had fallen to as low as 57%, has recently recovered to around 59%, and it has not fallen below 50% since 2023. The market interprets this as a sign that the rotation of funds into altcoins has structurally weakened.

Analysts point to the inflow structure of institutional funds as the background for this trend. With institutional investment demand concentrated on spot Bitcoin exchange-traded funds (ETFs), altcoins are being classified as relatively risky assets. In fact, the key indicators used to judge an altcoin season also point to a 'Bitcoin-dominant phase.'

The outlet said, "In the market, rather than a scenario where all altcoins rise together as in the past, a cautious view is prevailing that it is more likely Bitcoin will first secure direction and then only a limited number of selected tokens will respond selectively."