Altcoin season unlikely before Bitcoin’s new ATH: Wintermute

Markets are entering a stabilization phase, with altcoins ready for upward momentum once Bitcoin picks up steam, says Wintermute analyst Jasper De Maere.

The crypto market has entered a stabilization phase. However, sentiment remains cautious, and not bullish, said De Maere, Wintermute’s OTC desk strategist. This means that a broader altcoin rally remains unlikely unless Bitcoin surges first.

Bitcoin (BTC) is showing signs of resilience, trading near the $105,000 to $107,000 range, despite ongoing ETF outflows. At that level, Bitcoin is 16% below its all-time high, suggesting that this consolidation may lead to a new rally.

“This looks less like stagnation and more like a turning phase,” De Maere wrote in his weekly report , published on November 10. “Structure’s cleaner, macro’s supportive, and the market feels ready to build again.”

Altcoins likely to wait for Bitcoin rally

Despite a positive change in the macro environment, crypto underperformed other major asset classes. Just four weeks ago, Bitcoin was the top-performing asset, up 10.2%, followed by Ethereum (ETH) and altcoins. Last week, the three asset classes were the worst performers.

Weekly performance of crypto and traditional assets | Source: Wintermute

What is more, altcoin performance was uneven. On the week ending on November 2, large-cap tokens were up just 0.7%, while mid-cap tokens saw the best performance, up 14.8%.

By sector, DePIN saw the biggest gains, while layer 1 networks saw the worst. Gaming and memecoins also lagged behind other segments of the crypto industry.

Weekly performance of several crypto asset classes, by size, sector, and geography | Source: Wintermute

According to Wintermute’s Jasper De Maere, a new altcoin rally is unlikely unless Bitcoin rises to new all-time highs.