Bitcoin's Tight Grip on the Crypto Market Continues, Confirming an Ongoing 'Bitcoin Season'

The crypto market continues to see a strong bias towards Bitcoin, with a key measure confirming that the market is still very much in ‘Bitcoin Season.’

The Altcoin Season Index stands at just 24 out of 100 as of 00:38 UTC on May 6, according to CoinMarketCap data. This reading is far too low to signal the beginning of an altcoin season.

For this index to indicate that a broad range of alternative cryptocurrencies are outperforming Bitcoin, it needs to reach at least 75.

Conversely, an index score of 25 or lower confirms a ‘Bitcoin Season.’

The index measures the 90-day performance of the top 100 cryptocurrencies (excluding stablecoins and wrapped tokens) compared to Bitcoin.

Its role is to provide insight into market trends.

Index Score Confirms Bitcoin Season

The current index reading of 24 is a clear indication that the market is still very much in Bitcoin Season.

This is despite the fact that the index has shown small gains recently. It is up from a yearly low of 12 on April 26, having previously traded at 16 and 18 before reaching 24.

However, despite this increase, the general trend suggests that investor capital is still largely flowing into Bitcoin.

To illustrate, the altcoin market cap has decreased from over $1.3 trillion in February to less than $1.1 trillion in early April, which aligns with the index dropping to a yearly low of 12 on April 26.

Historical Chart Shows Possible Turning Point

While the current market conditions favor Bitcoin, one specific chart analysis shared by crypto analyst Sensei is capturing the attention of traders.

This analysis plots the historical Bitcoin-to-altcoin ratio (from 2017 projected to 2026). It highlights a recurring pattern: major altcoin rallies often ignited just after this ratio touched a critical long-term trendline, usually marking an end to Bitcoin’s dominance phases.

This analysis showcases past cycles in 2018 and 2021. In both instances, the ratio meeting the trendline (marked with red ovals) served as a bottom signal for altcoins relative to Bitcoin.

Following these points, we witnessed strong gains for many altcoins.

This analysis includes a projection suggesting the current timeframe, around May 2025, could represent another such potential turning point.

Adding to the intrigue, the shared analysis presents an optimistic outlook. It projects potential returns of over +14,500% in the next altcoin rally, based on the historical structure of past market shifts.

This analysis is gaining traction among crypto traders as they speculate on the possibility of a substantial altcoin season in the coming months.