Matrixport Analysts Skeptical About Altseasons Arrival

The anticipated altcoin rally seems unlikely, while Bitcoin remains the only reliable asset in the current cryptocurrency market, according to Matrixport.

Analysts pointed out that a key condition for an altcoin season is a sustained decline in Bitcoin’s dominance. However, after a local low of 61.2% in mid-May, the dominance has already risen to 63.3%.

Retail activity remains low, and speculative trading in futures is nearing minimal levels, Matrixport experts observed.

«This indicates that demand is solely focused on Bitcoin, particularly in the spot markets rather than on leveraged derivatives,» they emphasized.

Digital gold may enter a consolidation phase this summer, similar to last year. However, even with slow growth rates, Bitcoin currently appears to be the safest bet, the experts concluded.

It’s worth mentioning that several analysts have suggested the possibility of a continued breakout for Ethereum, which could provide momentum for altcoins.