• Altcoin dominance is shrinking despite more exchanges and pairs; Bitcoin leads a risk-off market cycle.
• But, altseason isn’t dead; it’s evolving — expect selective breakouts, not broad alt rallies.

The crypto market is expanding on paper, but beneath the surface, a different story is unfolding.

Despite over 100,000 trading pairs and 800+ active exchanges, altcoin dominance has dropped to 27%.

Meanwhile, Bitcoin [BTC] and stablecoins now command over 72% of the market, their highest level since 2020. This shift signals a cycle driven by resilience and caution rather than speculation and hype.

The number of active cryptocurrencies is also declining, shaping this altcoin cycle to be slower, more selective, and fundamentally different from previous ones.

Is altseason still on the horizon, or has the crypto landscape permanently changed?

Altcoins in decline, despite market growth

The data tells a clear story: while Bitcoin has staged a strong recovery, the number of active cryptos has quietly declined.

This comes even as the market boasts over 100,000 trading pairs and more than 800 active exchanges — a sign of surface-level expansion.  However, sheer quantity does not guarantee quality.

The shrinking pool of active altcoins suggests that many projects are either fading into irrelevance or being abandoned entirely. Fewer credible contenders are surviving, and those that do face an uphill battle for attention and liquidity.

In this cycle, more tokens are launching, but fewer are making an impact – a warning that altseason won’t come easy.

More platforms, fewer opportunities

Despite 818 active exchanges and over 100,000 trading pairs, the market is shifting toward consolidation rather than expansion.

The total number of crypto pairs has decreased, dropping from 105,000 at its peak to 100,900. This suggests the market is reducing excess rather than growing indiscriminately.

This paradox highlights an expanding infrastructure built on a more cautious and selective trading environment.

Liquidity and attention are increasingly flowing into fewer, more trusted assets. Access has never been broader, but the risk appetite hasn’t kept pace.

The Bitcoin and stablecoin takeover

Bitcoin and stablecoins now make up 72% of the crypto market, their highest dominance since early 2020. The data reflects a growing investor preference for safety and liquidity, as speculative altcoins continue to struggle.

Bitcoin offers long-term stability, while stablecoins provide predictability, together forming a risk-off foundation in a volatile market. This surge signals low-risk appetite, with traders choosing to hold stable value or follow BTC’s relative strength.

What this means for altseason

Is the altseason dead? Not quite, but it’s on pause.

The surge in Bitcoin and stablecoin dominance, alongside a shrinking pool of active trading pairs, suggests investors are trimming risk and concentrating capital.

When altseason does return, it won’t be broad-based like in past cycles. Instead, expect a more selective rally led by projects with real traction, strong narratives, or institutional interest.