According to reports from AMBCrypto, the global cryptocurrency market capitalization reached $2.56 trillion at the time of publication, while altcoin market cap stood at $1.097 trillion. The CoinMarketCap altcoin index remained at 38, indicating that altcoin season has little room to occur as Bitcoin season continues to dominate market dynamics.
As reported by AMBCrypto, the cryptocurrency market rebounded following President Trump's announcement that a peace deal with Iran had been "largely negotiated," which calmed market concerns and caused a spike in the cryptocurrency market. Interestingly, altcoins outperformed Bitcoin during this recovery, with traders returning to riskier assets after the peace deal eased immediate anxiety.
According to AMBCrypto reports, part of the recovery was driven by AI-related tokens showing significant gains. Worldcoin [WLD] rose 11.7% and NEAR Protocol [NEAR] rose 17.7% in a single day, with NEAR Protocol gaining over 58% in a week. Additionally, Zcash [ZEC] gained 7.1% over the course of a day, indicating that privacy-linked assets also increased during this period.
As reported by AMBCrypto, there has been a spike in ETF filings for altcoin-related coins, with HYPE ETF inflows outpacing Ethereum on five of six days and Bitcoin on three of six days. Additionally, asset managers Grayscale and VanEck modified their S-1 filings with the SEC. However, the average 14-day correlation of altcoins to bitcoin indicates that altcoin season is not yet here, as the crypto market continues to act as though Bitcoin is the main driver.
According to analyst Michaël van de Poppe as reported by AMBCrypto, this situation is very different from what was observed at the end of April, when analysts determined that price action resembled the accumulation phase preceding earlier altseasons. The percentage of altcoins trading close to their all-time lows supports the idea that while Bitcoin might be doing well, the average altcoin is still having a terrible time, suggesting that altcoin season remains distant despite recent market movements.
