Is the Altcoin Season Here? CryptoQuant CEO: This “Selective” Altcoin Season Differs from the Past
CryptoQuant CEO Ki Young Ju stated: “The altcoin season has begun.” (Alt Season refers to the period for small and medium-sized cryptocurrencies outside of Bitcoin). However, this market shift is different from those in the past; how should investors interpret it?
Ki Young Ju: This altcoin season is different from the past!
Bitcoin market share is no longer the determining factor
He noted that traditionally, the start of an altcoin season was closely linked to a decline in Bitcoin (BTC) market share. However, Ki Young Ju emphasized that Bitcoin’s market share is no longer the key determinant of the altcoin season; the real key indicator is trading volume. According to his observations:
The trading volume of altcoins has reached 2.7 times that of Bitcoin, indicating a significant influx of market funds into altcoins.
Stablecoin holders are directly turning to altcoins instead of rotating funds through Bitcoin, which deviates from historical trends.
This time, it is a “selective” altcoin season, where only those altcoins with strong use cases and market narratives will succeed.
Investors should conduct their own research (DYOR, Do Your Own Research) to avoid blindly following trends.
These viewpoints suggest that the flow of market funds is undergoing a significant change, prompting investors to reassess their trading strategies.
Current Market Situation: Data Supporting Surge in Altcoin Trading Volume?
Latest Market Data (February 21, 2025)
According to CoinGecko, the key data for the current market is as follows:
Indicator
Value
Total Cryptocurrency Market Cap
$3.359 trillion
Bitcoin Market Cap
$1.949 trillion (Market Share 58%)
Altcoin Market Cap
$1.410 trillion
24-Hour Total Trading Volume
$95.92 billion
Bitcoin Trading Volume
$30.9 billion
Estimated Altcoin Trading Volume
$65.02 billion (approximately 2.1 times BTC)
It is worth noting that while the altcoin trading volume indeed exceeds that of Bitcoin, the data shows its ratio is 2.1 times, rather than the 2.7 times mentioned by Ki Young Ju. This discrepancy may be influenced by different exchange data sources, calculation methods, or specific time frames.
Stablecoins Become Funding Sources, Disrupting Market Patterns
Traditional capital rotation model is broken
In the past, altcoin seasons were typically driven by capital flowing from Bitcoin into altcoins, meaning investors would first exchange BTC for altcoins. However, this market displays a distinctly different trend:
Funds from stablecoins (such as USDT and USDC) are directly flowing into altcoins, rather than through Bitcoin rotation.
This indicates that the altcoin market has gained a new source of funds independent of BTC, no longer relying on a decline in Bitcoin’s market share to spur growth.
Currently, the total market capitalization of stablecoins is approximately $233 billion (according to CoinGecko), providing strong liquidity to the market and allowing investors to trade more flexibly.
This aligns with the perspective discussed in the market in January 2025, when Ki Young Ju mentioned: “The altcoin market is a zero-sum PvP game, with overall liquidity being limited.” This implies that not all altcoins will benefit from this influx of funds; only specific projects will perform well.
Risk Warning
Investing in cryptocurrencies involves high risks, and prices can be highly volatile; you may lose your entire principal. Please assess risks carefully.
