"Altseason," a term familiar to many crypto traders, refers to periods when altcoins significantly outperform major cryptocurrencies like Bitcoin and Ethereum.

In the ever-evolving landscape of cryptocurrency, "altseason" represents a pivotal phenomenon where altcoins significantly outperform major cryptocurrencies like Bitcoin and Ethereum. This article delves into the historical patterns of altseason, exploring its implications for investors and the broader market dynamics. By analyzing previous cycles, we uncover the factors that typically trigger these explosive periods of growth, as well as the current market conditions that may signal the next altseason. Understanding these nuances is essential for both seasoned traders and newcomers seeking to navigate the complexities of crypto investing.

Understanding Altseason: What It Is and Why It Matters

"Altseason," a term familiar to many crypto traders, refers to periods when 

 significantly outperform major cryptocurrencies like Bitcoin and Ethereum. Historically, these phases have been characterized by capital rotation from Bitcoin into smaller, riskier projects, often leading to explosive growth in altcoin prices. This phenomenon has been evident in the past three major bull runs, notably in 2017 and 2021, when altcoins surged in value after Bitcoin reached new all-time highs (ATHs).

Bitcoin’s price movements have been cyclical since its inception in 2009. By analyzing historical price data, we can identify distinct periods of boom, bust and recovery. Notably, the two most recent bull runs have witnessed pronounced altseason events, whereby altcoins recorded extraordinary gains, often multiplying their market caps significantly.

For instance, during previous altseasons, the total market capitalization of altcoins surged between 6x and 7x. This explosive growth not only provided immense profit opportunities for traders, but also underscored the 

 inherent in the cryptocurrency space. However, one must also recognize that altseason often precedes the end of a bull run, as profit taking from large-cap tokens leads to a market correction.

Despite the historical significance of altseason, the current cycle appears markedly different. Bitcoin has continued to reach new highs while maintaining a strong market dominance, contrary to the typical pattern in which 

 declines during altseason. This deviation raises critical questions about the nature of the current market, and whether a traditional altseason is imminent.

The Current Landscape: Indicators and Influences

Several factors contribute to the unique dynamics of the current crypto market. First, it’s informative to underscore the importance of Bitcoin’s halving events, which historically precede significant market capitalization and dominance shifts. In previous cycles, Bitcoin's dominance tended to decline approximately 230 days post-halving, leading to a capital rotation into altcoins. However, the recent halving in April 2024 didn’t trigger the expected decline in Bitcoin dominance, suggesting a potential structural change in market behavior.

Moreover, the performance of Ethereum (ETH) relative to Bitcoin has also shifted. Historically, Ethereum served as a primary beneficiary during altseason, often experiencing substantial gains as traders rotated out of Bitcoin. However, since 2022, Ethereum has underperformed not only Bitcoin but also several competing "Ethereum Killers," such as Solana (SOL) and Sui (SUI. This relative underperformance has raised doubts about Ethereum's capacity to lead the market into a new altseason.

 has further complicated the landscape. While the introduction of these ETFs has driven Bitcoin’s price to new heights, it’s also resulted in a capital flow that remains largely focused on Bitcoin and Ethereum. Many institutional investors appear hesitant to rotate their capital into smaller, more speculative altcoins, opting instead to remain in regulated ETF products.

Last but not least, there’s been a significant increase in 

 supply, which has risen by 66% since the start of 2024. This indicates that while institutional activity may explain some market movements, retail engagement remains robust. 

 (CEXs) recorded their largest trade volumes in Q4 2024, suggesting that retail traders are actively participating in the market, potentially looking for altcoin opportunities as liquidity increases.

What Lies Ahead: Potential Scenarios for Altseason

Given the current market dynamics, traders are left to ponder whether an altseason is on the horizon and what form it might take. The accompanying report presents several scenarios that could influence the emergence and nature of the next altseason:

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Bybit x Block Scholes Institution Report: Altcoin Rotation — Why Altseason Hasn’t Come This Time?

Feb 10, 2025: Our weekly Institutional Insights explores the latest market developments — market performance, industry news, exchange-traded fund (ETF) flows, trending topics, upcoming events and token unlocks — to help you supercharge your crypto trading.

 explores the latest market developments — market performance, industry news, exchange-traded fund (ETF) flows, trending topics, upcoming events and token unlocks — to help you supercharge your crypto trading.

Weekly Highlight — Mixed Job Reports Rattle Market

The recent Bureau of Labor Statistics report indicates that U.S. job growth is slowing, yet remains healthy. Nonfarm payrolls grew by 143,000 last month, with upward revisions for November and December 2024, as they added 100,000 jobs. The unemployment rate has dipped to 4.0%, demonstrating a robust labor market, although the annual revisions suggest job gains were softer than initially reported, averaging 166,000 per month in 2024.

Simultaneously, inflation expectations are rising, driven partly by tariffs proposed by U.S. president Trump. Data from the University of Michigan reveals consumers anticipate price increases, which may complicate the Federal Reserve's decision-making. Fed officials have indicated they aren’t in a rush to lower interest rates further after a series of cuts last year, suggesting they prefer to observe how the economy reacts to potential policy changes.

The job growth in January 2025 was primarily concentrated in health care, retail and government sectors, while mining and manufacturing faced declines. Severe weather conditions contributed to nearly 600,000 people missing work, the highest impact in four years.

Despite these fluctuations, hourly wages increased by 0.5% month-over-month and 4.1% year-over-year, reflecting pressure on wages amid labor market tightness. The participation rate in the labor force stands at 62.6%, with notable contributions from foreign-born workers, highlighting immigration as a critical factor in employment growth.

As the Fed assesses the stability of the labor market, upcoming directives from the Trump administration, including potential immigration restrictions, could impact future job growth and economic conditions. While the landscape shows signs of moderation, it remains resilient, with cautious optimism surrounding economic stability.

Weekly Crypto Highlight — Crypto IPOs Coming

As reported, Gemini, the cryptocurrency firm founded by the Winklevoss twins, is potentially exploring an 

 (IPO) this year. The company is currently discussing the listing with potential advisers, although no final decisions have yet been made.

Bullish Global, a crypto exchange operator whose backers include billionaire Peter Thiel, is considering an IPO as soon as this year.

The interest in going public comes amid a surge of crypto firms accelerating their IPO plans since President Trump's election, as he has shown support for the industry. The Winklevoss twins, known for their legal battles with Facebook's Mark Zuckerberg, previously donated Bitcoin exceeding the campaign contribution limit to Trump, later receiving a refund for the excess.

Gemini employs over 500 people across several global locations, including New York, Seattle and London. Recently, the firm agreed to pay $5 million to settle a Commodity Futures Trading Commission (CFTC) lawsuit alleging it misled regulators while trying to launch the first U.S.-regulated Bitcoin futures contract. Additionally, Gemini has committed to returning at least $1.1 billion to customers affected by the Genesis Global Capital bankruptcy as part of a settlement with New York regulators relating to its Gemini Earn program.

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Weekly Institutional Insights: Mixed U.S. Job Reports; Crypto IPOs Coming

In our latest Learn 101 livestream session, crypto experts shared insights on Bybit Copy Trading Gold&FX.

 crypto on Bybit, you can now use copy trading for gold and forex. These markets are unique, and 

 provides an opportunity to learn effective strategies in these markets. In this nineteenth episode of our 

, we uncover Copy Trading Gold&FX Mastery.

 provides a recap of our Learn 101 livestreams, offering you comprehensive expertise and insights from leading figures in the crypto industry in case you miss the livestream.

Joining the livestream on Feb 6, 2025 were two distinguished guests: Argiris Sotirakis, professional trader and founder of 

, and Eric Li, Financial Product Manager at Bybit. Under the moderation of Sabrina Chua, Crypto Evangelist and SEO Editor at Bybit, this episode explores Copy Trading Gold&FX Mastery.

Copy Trading 101 — Is It Really That Easy?

Copy trading offers a unique opportunity for investors to potentially outperform the market without dedicating countless hours to analyzing charts. Eric Li, an expert in the field, explains that copy trading involves mirroring the trades of seasoned professionals. 

During his presentation in this Learn 101 livestream, he shares his screen to showcase Bybit’s 

 platforms. For investors looking to diversify beyond crypto, 

 allows you to follow traders specializing in non-crypto assets like gold and forex. To access any of these features, users must first create a separate Copy Trading account on Bybit.

One standout feature of Bybit’s platform is its high-water mark system, which ensures that profits are shared fairly based on individual investments. This transparent approach aligns the interests of both the Master Traders and their Followers.

Argiris emphasizes that copy traders should experience results similar to those of their chosen Master Traders, provided they mirror trades simultaneously. However, he advises against putting all your eggs in one basket. “Diversification,” he says, “is key to minimizing risk and exposure to losses.”

Unlike platforms that rely on fiat currency, Bybit’s Copy Trading Gold&FX uses 

 (USDT). Eric emphasizes that this simplifies transactions and makes it easier for users to quickly follow multiple traders. Moreover, using USDT supports seamless integration with other Bybit features, offering more flexibility for your assets.

When it comes to selecting a trader to follow, Argiris Sotirakis cautions against relying solely on win rates. “A high win rate can be misleading,” he notes. Instead, he recommends evaluating a trader’s performance over time to understand how their strategies perform under different market conditions. He views copy trading as a long-term strategy, pointing out that it may take more than a month to see meaningful results — especially since various strategies thrive in different environments, such as trending markets versus sideways markets.

Eric Li further explains that Bybit offers tools to help users explore various strategy types employed by trading leaders. There are four primary strategy categories, each one focusing on distinct metrics and trading styles. For beginning traders, there’s even a strategy specifically designed to ease them into the world of copy trading. Additionally, traders can search for leaders based on the market they operate in, whether crypto, gold or forex.

One common misconception about copy trading is the perceived loss of control over your assets. Eric Li addresses this concern by highlighting several 

 tools available to users. For instance, copy traders can set custom limits, adjust take-profit levels and even pause or stop copying a trader at any time. “You still have full control over your assets,” Li reassures, “from selecting the right leader to fine-tuning your risk management settings.”

Gold & Forex Trading: The Secret Sauce Pros Don’t Share

Gold is widely regarded as a safe-haven asset, while forex is globally the largest and most liquid market. But many traders still wonder how to profit from the two. According to Argiris, success in these markets hinges on volatility and smart use of 

. Leverage amplifies profits, but managing it wisely is key to minimizing risk.

Recently, gold’s price has seen substantial growth, offering more opportunities for traders. While it’s a less volatile asset than cryptocurrency, leveraging gold can turn small price movements into significant gains. Sotirakis suggests that balancing leverage between crypto and gold helps reduce overall risk. Forex, on the other hand, is far more volatile, and the way leverage is used directly impacts risk exposure. He notes that forex trading can be more stressful, especially for 

Choosing the right strategy is crucial. With a solid 

 ratio, even small market moves can lead to profits. Many smart money strategies from crypto trading also apply to gold and forex, making it easier for traders to diversify across markets.

To help traders get started, Eric Li demonstrates Bybit’s Gold&FX Trading platform, highlighting its 

. This risk-free tool allows traders to practice strategies without using real money, making it ideal for learning during volatile market conditions. Sotirakis also advises using demo trading to test strategies, especially when markets are unstable. If losses pile up, it’s often a sign that your leverage is too high and needs adjustment.

The minimum investment to join Bybit Copy Trading Gold&FX is 100 USDT, though some Master Traders may require a higher amount. Choosing a Master Trader whose trading style aligns with your risk tolerance is essential.

Bybit Copy Trading Gold&FX Fiesta Time! How to Join & Win Big

Looking to dive into Bybit Copy Trading Gold&FX? What better way to start than with the 

, featuring a substantial 130,000 USDT prize pool! But that’s not all — you can also unlock an additional 5,000 USDT in rewards through the 

According to Sotirakis, events like the Copy Trading Gold&FX Fiesta are perfect for those who want to start trading without spending hours analyzing the markets. Moreover, as Li points out, you can copy trade up to 10,000 USDT per 

, giving you the flexibility to maximize your potential rewards.

This Learn 101 livestream session delivers valuable insights about Copy Trading Gold&FX Mastery, showcasing how copy trading simplifies the process of learning from seasoned experts. With Bybit’s demo function, you can practice copy trading strategies risk-free, allowing you to gain confidence without any financial exposure. Getting started is easy — just 

Intermediate

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Learn Live ICYMI: Trade Gold&FX Like a Pro

Soneium and Coop Records are partnering to revolutionize music monetization in Web3. 

S&P 500 futures rebounded after Trump’s tariff announcement but fell 1% on Friday amid economic uncertainty. Gold rose to $2,865 on trade tensions and China’s buying, while strong U.S. jobs data may limit Fed rate cuts. Coindesk Indices, an index measuring broader cryptocurrency market performance was down by 1.07%, with Bitcoin and Ether dropping by 0.80% and 1.81%, respectively in the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is ALEO, which surged 9.7% after Aleo joined ETHDenver 2025 as a Meta Sponsor to drive blockchain innovation.

Aleo (ALEO), launched in 2024, is a privacy-focused Layer 1 blockchain using ZK proofs for secure transactions. It supports private DeFi and decentralized apps and is backed by $228M from investors like a16z. 

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 to revolutionize music monetization in Web3. Coop Records, a community-owned label with 600+ on-chain songs, aims to give artists fairer control over their work. Their first collection on Soneium features unreleased music from Tokyo-based producer NUU$HI, available on the Sonova NFT marketplace for seamless creator and collector experiences.

BTC Spot ETFs saw a net inflow of $203.8M from Feb 3-7, with GBTC outflows of $14.7M and non-GBTC inflows of $218.5M. Overall, cumulative GBTC outflows stand at $21.91B, while non-GBTC inflows total $62.61B, resulting in a net inflow of $40.71B.

 is launching a confirmed $IFR token airdrop through its Inferno Points program. Users can earn points by completing tasks and checking in daily, with a 3X boost for a 7-day streak. Major AI projects are partners, and points will be redeemable for tokens.

Beginner

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Soneium & Coop Records Redefine Music Ownership with On-Chain Monetization

GameFi

Altcoins

Explainers

Notcoin is a viral clicker game inside of the Telegram messaging app. Learn more about how it works in this article.

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 has become one of the top trending subjects in the crypto universe. This simple clicker game is getting a lot of attention for its addictive nature and its promise of rewards with real-world value. Is it worth your time to play 

 — or is the project just behind another 

 that's likely to be forgotten about in a few days? Read this guide to learn all about what 

 stands for and to see how this game works.

 is a viral clicker game inside of the Telegram messaging app. Its users can earn tokens that will eventually be converted into crypto tokens with real-world value.

 game, the TON blockchain is also home to a variety of 

 describes it as an experiment in token distribution. Many new cryptos struggle to get their tokens to actual community members because most new tokens end up being purchased by institutional investors. 

 hopes that its method of gamifying token distribution will provide a more fair and direct way of obtaining tokens. Since tokens are only available to people who play within the app, Plotvinov hopes that the project can reward 

 crypto project is to simplify the launch of its crypto system. Plotvinov feels that many 

 team aims to avoid getting caught up in the pattern of marketing cycles, creating elaborate closed beta systems, chasing investors and promising huge features. They operate with a "what you see is what you get" motto. Plotvinov hopes that this will prevent price manipulation and avoid making the launch overly complex.

 by downloading and opening the Telegram messaging app. The clicker game lets you earn tokens by performing simple tasks and tapping on the coin icon. Each tap results in one 

 being added to your account. As you tap, your energy limit depletes. However, the energy limits will refill during times when you’re not tapping.

 gives players six free boosts each day that can supercharge their tapping abilities and refill their energy limits, or players can spend in-game coins to get paid boosts. There's no way to pay for energy limit boosts with real-world currency, so only 

 players can purchase perks. Telegram Premium users can get some extra advantages such as bonus token earnings. Players who earn a lot of digital currency can get into various ranks, such as Silver or Platinum.

 currency because they can eventually exchange it for real-world crypto tokens. 

s team has said that the current mining stage of the game will end on Mar 31, 2024. At some time in early April, users can then exchange their in-game coins for digital currency based on the TON blockchain.

 clicker game and perform the simple tasks of clicking on the coin icon will be eligible for the airdrop. 

 and through the TON Foundation for the past few days, but hasn’t stated when the official release will occur. The only thing the team has confirmed is that the airdrop will be sometime in the first two weeks of April.

 plans on turning its in-game currency into crypto tokens called NOT. Instead of turning one Notcoin into one NOT token, the project will adjust the exchange rate based on how many users end up mining Notcoin. The exact conversion rate hasn't been shared with the public yet.

There also isn't a lot of information on how NOT's tokenomics will work. 

 is dedicated to providing a straightforward, no-frills experience without lengthy white papers or overblown marketing campaigns. Therefore, users aren't aware of exactly how tokens will be distributed or what the token supply will look like. To date, close to 8.9 trillion notcoins have been mined, but since the app burns notcoins of inactive accounts, the final total of NOT may look a little different.

 was released in early January 2024, its team didn't do much to market it. However, Telegram users noticed the new game and started checking it out. The closed beta and its referral system ended up getting 550,000 users, and within 10 days of its official release, 

 had achieved a total of 6.3 million users entirely via word-of-mouth advertising. As more people tried out the game for themselves, news of its addictive and entertaining gameplay began to spread.

The primary appeal for many users is in getting to compete with each other. People have enjoyed bragging about being in the Silver league or having a higher energy limit than their friends. This has been so effective that 

 currently has a player base of over 30 million users. 

, and since its official launch, it's been one of the top trending TON ecosystem crypto projects.

Though the NOT crypto project hasn't yet been released, the 

 community has allowed the release of pre-market vouchers. These represent in-game currency and can be exchanged for NOT after the airdrop. Bybit is one of the first exchanges to make NOT token vouchers available to the public. If you have a Bybit account, you can find NOT listed on the 

 site. Bybit will adjust pre-market orders once the NOT conversion rate is announced, so purchasers can be confident they're getting the same value as the rest of the 

 is one of the most original meme coin crypto projects to appear in 2024. The primary appeal of this coin is that its addictive clicker game has attracted a lot of positive press for the 

 project. It has millions of users looking to earn money through the game, and it's also backed by TON’s reputation. All of these factors make NOT a potentially promising investment.

However, like many other meme coins, the 

 project carries quite a bit of risk. There's almost no information available about its design or its plans for the future, and it has 

 outside of entertainment. Once the NOT token airdrop takes place, there's likely to be extreme volatility and the coin probably won’t experience long-term growth. Furthermore, the fact that the official launch is supposed to be in early April has some users worried the 

 project might be an elaborate April Fool's joke.

 is worth checking out if you're interested in trending meme coins with a lot of dedicated fans. Of course, if you're considering investing in NOT, you need to be cautious. Avoid overextending yourself and investing more money than you can afford to lose. If possible, consider some 

 strategies , such as portfolio diversification, before you put money into NOT. And, as with any potential investment, 

 stands for a new generation of meme coins that’s entirely focused on entertainment value. This crypto project's referral system and ranked leagues have helped it attract a sizable audience. As 

 transitions from a clicker game to the home of an official crypto coin, it may offer many opportunities for people to earn money. Though there's no guarantee its airdrop will be successful, it definitely has one of the biggest meme coins on TON right now.

Notcoin (NOT): The Viral Telegram-Based Tap-to-Earn Game

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards