Today, bitcoin (BTC) approached $83,000, a price level not seen since late January.
On-chain analytics provider Santiment says this uplift has improved market sentiment, boosting prices for several tokens and sparking early talk that an altcoin season might be beginning.
Altcoins Show Early Signs of Life After Bitcoin Clears Key Level
Data published by Santiment on May 6 indicated that tokens such as Toncoin (TON), Internet Computer (ICP), Cardano (ADA), SUI, ONDO, and Hyperliquid (HYPE) started the week in positive territory.
“Some mild whispers of altseason are beginning to emerge,” Santiment wrote. “Bitcoin’s own emergence above $81.7K has allowed profits to begin trickling into long-dormant projects.”
Santiment’s internal screener recorded daily gains of up to 17% for ICP and 16% for TON, while ONDO and ADA saw more modest moves near 5%. Looking at seven-day performance, ONDO climbed about 23%, ICP added 16%, and Dogecoin (DOGE) rose roughly 15%.
One of the strongest performers was Zcash (ZEC), which surged nearly 40% in the last 24 hours and about 76% over the past week, according to CoinGecko data.
Analyst Darkfost also shared metrics on the altcoin landscape, noting that the market cap of altcoins excluding Bitcoin and Ethereum—tracked as TOTAL3—has increased roughly 15% from its February low.
He highlighted that 11.7% of altcoins listed on Binance have reclaimed their 200-day moving average, up from just 2.3% in early February, calling this “an initial signal of recovery.” Trading volumes for these altcoins on Binance have improved as well: their share relative to combined BTC and ETH volumes rose from 31% to 49% over the past two months.
Still a Long Way From a Full Rotation
Despite these encouraging signs, the broader picture remains tilted toward bitcoin. BTC dominance sits at about 58.6% per CoinGecko, and CoinGlass’s Altcoin Season Index—which measures how many of the top 100 tokens have outperformed BTC over a rolling 90-day window—stands at 40 out of 100.
A confirmed altseason typically requires a reading above 75, meaning most altcoins are still underperforming bitcoin when viewed over a longer timeframe.
Interest in alternative coins is currently concentrated in a few specific areas—such as AI-related projects, select DeFi tokens, and a small set of older layer-1 networks that had been overlooked for months.
Darkfost described the altcoin recovery as “moderate” and noted that this kind of shift can precede a more pronounced market rotation. However, he stopped short of declaring that a full rotation into altcoins is already underway.