Altcoin Rally Underway, but Altseason Remains Elusive

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Zcash, Quant and a few other tokens have rallied, but Liu says their gains are too isolated to confirm a broad altcoin rotation.

Analyst Dennis Liu, who posts on X as VirtualBacon, says altcoin season has not started, because the average altcoin is only about 10% ahead of BTC since the primary cryptocurrency’s bottom.

According to him, a handful of strong coins are making the market feel hotter than the data supports.

Most Altcoins Still Trail Bitcoin
Liu’s argument rests on relative performance rather than a few eye-catching rallies. He pointed to the Total 2-to-Bitcoin ratio, which compares the market value of cryptocurrencies other than Bitcoin with BTC, and described the chart as “very flat.”

Since Bitcoin’s bottom, the average altcoin has gained 10% more than BTC, he noted. That is far removed from the kind of broad outperformance associated with previous alt seasons.

The coins that are ahead make a short list. Zcash has done well since the start of the year, while Venice and Quant have also outperformed more recently. The privacy coin is up more than 726% over a year, and Quant jumped 530% within days, from $59 to $370, before settling near $255, but Liu stressed that these are isolated examples.

Not even XRP has outperformed Bitcoin, while Ethereum, Solana and BNB are barely ahead.

“That’s why I say altcoins are actually still very cheap. And we are not confirming a full-on alt season type of scenario yet. We are just barely getting started,” Liu explained.

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