Journalist
Posted:
Altseason is once again the market’s favorite promise, with expectations out to 2026. But for now, Bitcoin [BTC] is still firmly in charge.
Meanwhile, BitmMEX co-founder Arthur Hayes argues that altcoin gains never really disappear… they just move. The question, then, is not when altseason arrives, but where it’s already in action.
2026 – Year of the altcoins?
The crypto community is already looking into the next year for the light. The following chart shows why: altcoin rallies in 2018 and 2021, followed by long periods of underperformance.
Source: X
Currently, altcoins are once again near long-term support levels against BTC, similar to past pre-altseason phases. But instead of an immediate breakout, many projections now point to 2026 as the next major window.
The charts say altseason can happen, but right now, patience is being priced in.
That caution shows.
Source: TradingView
At press time, Bitcoin dominance has climbed back to around 59.6%, holding near recent highs rather than rolling over.
Capital is still concentrated in BTC. At the same time, the altcoin season index was at 35, well below the threshold that brings altcoin outperformance.
Altseasons only start once BTC dominance breaks down decisively and the index sustains higher readings.
Source: Coinglass
Industry experts expect an altseason next year, though their reasons vary.
Ethereum [ETH] has historically led altcoin rallies. This pattern could repeat, especially as institutional activity grows. For example, JPMorgan recently launched an on‑chain fund on Ethereum. At the same time, stablecoin volumes have reached record highs.
Together, these developments strengthen the case for a potential Ethereum‑driven altseason in 2026.
As Kevin Rusher, founder of RAAC, told AMBCrypto,
“… institutions and retail investors alike seek yield in the DeFi ecosystem of the world’s computer. And so, as we head into 2026, investors can rely on ETH along with the other big guns.”
Altseason is always around, but…
Still, Arthur Hayes has a different way to look at the market. In his view, altcoin season isn’t a single moment everyone waits for; it’s something that’s always happening somewhere.
The reason many traders feel like they’ve “missed it,” he argued, is that they owned the wrong assets. Hayes said in a recent podcast,
“There is always an altcoin season happening… and [if you’re] always saying altcoin season isn’t there, [it’s] because you didn’t own what went up…”
He warned against expecting the next cycle to mirror past ones, where the same tokens and narratives repeated. This time, the winners are different.
“Again, there’s been altcoin season. You just didn’t participate in it.”
He mentioned examples like Hyperliquid, which surged from a low single-digit launch price to massive gains, and Solana, which rebounded sharply after collapsing in 2022.
Final Thoughts
- Bitcoin still dominates today, but altseason may happen in 2026.
- Arthur Hayes notes that altcoin gains are already happening though.
