Altcoins Surge as Altcoin Season Still Elusive

The altcoin market has seen a significant surge in recent weeks, with its market cap increasing by about 23% and breaking out of a long downtrend.

Total altcoin market cap has reached $1.03 trillion, while the category's strongest performers are mid and small-cap assets, which have made up 56% of Binance-listed altcoins trading above their 200-day moving averages.

However, Bitcoin dominance remains strong, holding firm at over 60%, with its dominance index refusing to break lower.

This suggests that a proper 'altseason' may not be on the horizon just yet, as traders typically look for a decline in Bitcoin's dominance alongside a capital rotation into alternative assets.