In the cryptocurrency market, all eyes are on altcoins again. The decline of the Altcoin Season Index, which measures the performance of altcoins against Bitcoin, to 15 was recorded as the lowest value seen in 2025. The fact that the index fell so sharply clearly shows that most of the altcoins in the market have been under pressure for a long time. According to CoinMarketCap data, only a limited number of crypto assets were able to rise in the last 90-day period; Most of the rest caused losses to their investors.
Harsh Divergence Period in Altcoins
There has been a remarkable divergence in the altcoin market in the last three months. Pippin token became one of the best-performing large-scale projects with its rise of more than 2,300 percent. In addition, privacy-focused projects such as Zcash, Dash, Monero and Merlin Chain are among the limited number of winners. This table shows that investors turn to projects with more niche and specific usage areas in times of uncertainty.
In contrast, tokens such as DoubleZero, Story, MYX Finance, Immutable and Pudgy Penguins were the weakest performers on the list, losing over 60 percent in value. The reason why altcoins generally lagged behind the market was that the Crypto Fear and Greed Index fell to 25 and entered the “fear” zone. In addition, the decrease in open positions in futures shows that investors are moving away from leveraged transactions and risk appetite is seriously weakened.
This process accelerated after the big shock that occurred on October 10, when approximately 1.6 million investors experienced a liquidation of $ 20 billion. These losses significantly reduced the demand for altcoins, which are considered riskier than Bitcoin. On the other hand, the recent resurgence of limited inflows into spot Ethereum ETFs in the USA stands out as a different development that shows that the market is not completely hopeless.
Technical Indicators Point to Downside Risk
When we look at the technical data, the picture becomes clearer. The total market value of all cryptocurrencies, excluding Bitcoin and Ethereum, decreased from 1.19 trillion dollars to 825 billion dollars in October. The double top formation formed around $1.16 trillion on the charts and the neckline at $658 billion raise the possibility of a sharper decline.
The fact that the market value has fallen below both the 50-day and 200-day exponential moving averages indicates that the bears are in control. The fact that momentum indicators such as RSI and MACD continue their downward trend shows that the selling pressure has not ended yet. Under this outlook, analysts predict that the 50 percent Fibonacci retracement level at $739 billion may be tested in altcoins, and if this support is broken, a new withdrawal may occur up to $658 billion.
