The Altcoin Run Is Giving Back Ground Fast as Bitcoin Dominance Climbs

Nearly half of Binance-listed altcoins have dropped back below their 200-day moving average. That share reached 48.4% on October 18, up from under 10% in early October.

Blockchaincenter’s 90-day Altcoin Season Index still reads a neutral 51. However, its 30-day Altcoin Month Index has dropped to 29, close to the 25 level that marks Bitcoin season.

The Rally That Pulled 9 in 10 Altcoins Above Their Trend

The breadth reversal follows a run that started in late August. At that point, 81% of Binance altcoins traded below their 200-day average, analyst Darkfost wrote in a post.

By early October, that share had shrunk to less than 10%. That left roughly 9 in 10 of the exchange’s altcoins in a confirmed uptrend. Darkfost estimated that more than $814 billion flowed into altcoins over those two months.

However, over the past 15 days, more than $134 billion has left altcoins, the analyst estimated. He said quick profit-taking likely drove a large part of that exit.

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Bitcoin Takes Back the Lead While Exchange Stablecoins Shrink

The cooling also appears when altcoins are measured against Bitcoin (BTC). Blockchaincenter’s indexes track how many of the top 50 coins beat Bitcoin over a set period.

Its 30-day gauge rose above the 75 altcoin season threshold in late September before falling to 29. The 90-day index has held up better because its window still includes the August and September gains.

Over the past 90 days, Bitway (BTW) led the top 50 with a 2,993.3% gain. The token of the Bitcoin-compatible blockchain only began trading on March 2, 2026.

Quant (QNT) and NEAR Protocol (NEAR) followed with gains of 199.3% and 163.3%, compared with Bitcoin’s 25.9%. Among the top 50, 7 coins more than doubled, while Ethereum (ETH) beat Bitcoin by just 1.5 points.

Still, the Altcoin Season Index has gone 388 days without reaching altcoin season.

Meanwhile, Bitcoin dominance has climbed to about 60.7%. The metric tracks Bitcoin’s share of total crypto market value, so a rising reading means Bitcoin is holding its value better than the rest of the market.

The reading has risen from roughly 59% in late September. Dominance pushed back above 60% in the second week of October and now sits above its early-September high near 60.4%. That puts it at the highest level on the daily chart since at least late May.

On the buying side, CryptoQuant data puts exchange reserves of Ethereum-based (ERC-20) stablecoins at $57.4 billion. That compares with almost $78 billion in November 2025. Smaller reserves leave less stablecoin capital parked on exchanges for fresh purchases. 

Darkfost noted that altcoin sentiment shifts quickly, but he pointed to a pattern for patient buyers.

“Yet history shows that it is when interest in and performance of altcoins are at their lowest that it becomes worthwhile to consider building an appropriate exposure,” he said.

For now, the 30-day index sits 4 points above Bitcoin season territory, while stablecoin reserves on exchanges continue to shrink.

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