Altcoin Market Cap Surpasses $170 Billion Amid Mixed Signals

Altcoin market capitalization has surpassed $17 billion (approximately 148.4 trillion won), though it is too early to conclude that a broad shift of funds into altcoins—referred to as 'altseason'—has started. Bitcoin dominance and the altseason index have yet to support widespread cyclical shifts. On May 19, AMBCrypto reported that the market capitalization of altcoins including Ethereum has broken above the long-term box range midpoint, with the next resistance level set at $171 billion (approximately 237.2 trillion won). Market capitalization is calculated by multiplying asset price and circulating supply, meaning its increase alone does not confirm new funds entering or a shift from Bitcoin to altcoins.

The altseason index, which measures the proportion of top 100 altcoins with higher returns than Bitcoin over the past 90 days, was reported at 54 but displayed as 46 on CoinMarketCap. Neither figure meets the formal threshold of 75 required to classify an altseason. The index compares recent 90-day performance between top assets and Bitcoin. Ethereum is included in this category. Bitcoin dominance also remains high at 58.7% as of May 19, indicating that while a shift may be occurring, it is not yet confirmed. A lower dominance would suggest increased relative altcoin market share, but the extent and sustainability of individual altcoin gains require further verification.

Some altcoins have recovered above their 200-day moving averages—a technical indicator used to assess long-term price trends—but a claim that 70% of Binance-listed altcoins surpassed this level lacks verified calculation criteria, making it difficult to use as evidence of overall market strength. Derivatives market risk levels also remain a factor, with Glassnode analyzing structural changes in crypto derivatives markets on May 17 but not providing detailed comparisons between altcoin and Bitcoin open interest metrics.

Market interpretations vary: while some view declining Bitcoin dominance and rising altcoin market cap as early signals of capital rotation, others argue that the altseason index remains far below its benchmark and Bitcoin dominance stays around 58%, making it premature to declare a shift in market leadership. Previous reports have highlighted similar trends where altcoin market cap growth did not align with meeting altseason criteria. Current evidence points more toward an 'attempt at altcoin strength' rather than a confirmed trend, with key indicators including whether the $170 billion market cap is sustained, Bitcoin dominance continues to fall, and the altseason index approaches 75.