Bitcoin dominance (BTC.D) has sharply dropped to its lowest level in 7 months. This decline coincides with the increase in the altcoin index, leading many to speculate about the beginning of an altcoin season.
However, Ray Youssef, CEO of the cryptocurrency platform NoOnes, revealed to BeInCrypto that the altcoin season has not just begun but has already peaked, challenging current market analyses.
Has the Altcoin Season Really Started?
According to the latest data, BTC.D has dropped to 59.3% today, the lowest level since February 2025.
Bitcoin dominance (BTC.D) performance. Source: TradingViewMeanwhile, the BlockchainCenter's Altcoin Season Index has risen to 53. This indicates that the market has not yet reached the traditional altcoin season threshold of 75. However, this growth is quite significant, leading many experts to predict the beginning of an altcoin season.
"The altcoin season has been confirmed," James Wynn stated.
However, Cas Abbé, a famous market commentator, believes that the current market state reflects an 'Ethereum Season' more than a broad altcoin price surge.
"We are in the Ethereum Season, with most liquidity flowing into ETH. For an Altcoin Season, we need additional liquidity from small retail investors, which won't happen until ETH reaches a new ATH. When that happens, the Others/BTC pair will start showing strength and may even break this downward trend. My prediction is that this will occur in October/November 2025," Abbé posted.
Meanwhile, other experts view Ethereum's strength as a sign of an upcoming broad altcoin price surge.
Ray Youssef on the Real Start of the Altcoin Season: It Started in April
Despite differing opinions, one thing is clear: these analysts believe either the altcoin season has not truly begun or we are still in the early stages. However, Ray Youssef disagrees with this prediction.
"The altcoin season happens quickly and it's easy to confuse its end and beginning. What might feel like a beginning right now is, at best, midway," he told BeInCrypto.
Youssef affirms that from late June to early July, the market provided many investment opportunities or bargains with cryptocurrencies like Dogecoin (DOGE), Solana (SOL), XRP (XRP), Cardano (ADA), and others.
He believes the rise of these assets can be seen as an indicator that the altcoin season has started. However, Youssef thinks April would be a more accurate starting point for the altcoin season. At that time, Ethereum had recovered from $1,500.
Moreover, he points to the decline in Bitcoin dominance and the fact that over 30 altcoins have outperformed Bitcoin in the past 90 days as evidence of the altcoin season's peak.
"This year's altcoin season reflected the changing seasons in nature — a long-melting April, a cold June, and only by late July-early August did summer truly arrive for altcoins. Autumn will come quickly, and prices will fall like leaves in October," the executive commented.
Youssef sees potential for established altcoins like Solana and XRP to significantly increase market value, possibly with large margins. According to him, if these coins succeed, they could move beyond the 'altcoin' category and become major market players, emerging from Ethereum's shadow.
"If that happens — and with Solana's network being more suitable for payments compared to Ethereum — it would be a serious challenge for Ethereum and a real test for the altcoins tied to it," he noted.
He also suggests that continued institutional investment in Bitcoin and Ethereum may reduce their volatility. Therefore, meme coins like DOGE, Pepe (PEPE), Shiba Inu (SHIB), and Floki (FLOKI) might experience a revival.
"Institutional investment capital flowing into Ethereum will extend the summer for altcoins — but the real question is, how long and which coins will benefit. By the time the crypto winter arrives, coins supported by these institutions are likely to retain their value. Speculative tokens without real utility, no users, and no role in the developing Web3 economy will disappear forever," Youssef shared with BeInCrypto.
The CEO's different perspective encourages a reevaluation of the current market situation, especially with institutional capital shaping the next development phase of cryptocurrency.
