In 2026, altcoins continue to underperform Bitcoin despite several brief periods of outperformance without a sustained trend. Their combined market capitalization fell from approximately $1.85 trillion to $1.06 trillion in one month, while the Altcoin Season Index dropped to 48, well below the 75 threshold typically associated with an altcoin season. Altcoin spot trading volume nearly reached four times Bitcoin’s volume in September before the ratio declined to approximately three times by late October. Bitcoin dominance remains close to 60.98%, while 70% of Binance-listed altcoins trade below their 200-day moving averages and the Fear and Greed Index stands at 29. Outflows from Bitcoin, Ethereum and several altcoin ETFs indicate that investors are withdrawing from the market rather than rotating into smaller cryptocurrencies.
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