Bitcoin is once again at the center of the crypto universe. In April 2025, its dominance surged past 64%—the highest level since early 2021—raising serious questions about the future of altcoins. While some enthusiasts still hope for a traditional altcoin season, more and more experts are saying: this time might truly be different.
Bitcoin dominance is a measure of how much of the total cryptocurrency market capitalization belongs to Bitcoin. As new altcoins entered the scene, Bitcoin’s share naturally shrank. But despite the emergence of thousands of tokens, Bitcoin has maintained its role as the market anchor.
Now, that anchor seems more like a gravitational pull.
Back in 2017 and 2021, Bitcoin’s dips in dominance sparked rallies in altcoins—thanks to ICOs, DeFi, and NFTs. Those waves led to temporary redistributions of capital. But this time, the capital flow is behaving differently.
Traders and analysts are noticing that rather than moving in and out of Bitcoin and altcoins like before, money is going into Bitcoin—and staying there.
“Bitcoin, Not Crypto”: A New Investment Mentality
Scott Melker, host of The Wolf of All Streets, compares the old investor behavior to a washing machine—money moved from Bitcoin to altcoins and back, with some inflows from new investors. But today’s investors are holding Bitcoin longer, often treating it like digital gold.
CoinW’s CSO Nassar Achkar echoed this, telling Crypto.news that large institutions and governments are no longer viewing Bitcoin as a speculative asset. They’re seeing it as a reserve currency, pouring in fresh fiat rather than rotating gains from altcoins.
Unlike in previous cycles, these new buyers aren’t selling for quick gains—they’re holding. And that behavior is starving the altcoin market of attention and capital.
Meanwhile, retail investors are following suit. With economic uncertainty looming and regulatory clarity still murky for many tokens, Bitcoin feels safer, more stable, and, ironically, less “crypto” than ever.
What’s Happening to the Altcoin Market?
Altcoins are underperforming across the board. From Ethereum to smaller DeFi tokens, most have failed to regain traction. Some altcoins are bleeding value not just against fiat, but against Bitcoin itself. As Benjamin Cowen of Cryptoverse pointed out, Bitcoin’s dominance excluding stablecoins is closer to 69%.
The harsh reality? Altcoins may be caught in a perfect storm of waning interest, rising regulation, and tighter liquidity. According to Melker, many alt holders are selling—just not to rebalance their portfolios, but to pay bills.
That’s not a great sign for the broader crypto ecosystem.
Is Altseason Dead? Or Just Delayed?
Not everyone is sounding the death knell. Some crypto veterans argue that Bitcoin’s rise in dominance is part of a cycle—and that, just like in 2019, a resurgence in altcoins could follow.
The key will be innovation. Previous altcoin revivals were driven by real use cases: decentralized finance, non-fungible tokens, and smart contracts. If another transformative wave hits the crypto space—whether it’s AI integration, gaming tokens, or real-world asset tokenization—altcoins might rally again.
I think #ALT / #BTC pairs need to go down before they can go up pic.twitter.com/ULAodEPGp2
— Benjamin Cowen (@intocryptoverse) April 16, 2025
But until that moment arrives, Bitcoin continues to soak up the spotlight—and the money.
Bitcoin is clearly king in 2025, commanding two-thirds of the market. While some dream of another altcoin boom, others say this cycle has fundamentally changed the game. If altcoins are to make a comeback, it won’t be because of investor habits—it’ll be because of innovation.
For now, the crypto market speaks with one loud voice: Bitcoin first, and everything else… maybe later.
