The last true altcoin season happened in 2017, when most altcoins skyrocketed. According to analyst Michaël van de Poppe, similar cycles didn’t repeat in 2021 or 2025.
The market is currently in a “Bitcoin Season,” with the Altcoin Season Index below 25, far from the 75 needed for an altcoin season.
Undervalued Altcoins to Watch for the Next Big Cycle
Michaël van de Poppe traced the last alt season back to 2017, when altcoins like Ethereum and Ripple saw massive growth. However, he noted that 2021 only saw a surge of new altcoins, while 2025 has been dominated by a “meme coin fiesta.”
“This cycle has proven to be completely different than previous cycles and it has proven to be super complex.” Michaël van de Poppe stated.
The Altcoin Season Index chart from Blockchain Center clearly shows this trend. The index has stayed below 50 throughout most of 2024 and 2025, highlighting Bitcoin’s dominance. According to CoinMarketCap, Bitcoin’s dominance is currently at 63%, much higher than the 38% during the 2017-2018 alt season.
Van de Poppe also pointed out a split in the investor community. One group expects the bear market to continue, while another anticipates a new bull cycle. He believes both groups could be wrong. Instead, he suggests the real opportunity lies in ignoring “timing” and focusing on the fundamental value of altcoins.
“Essentially, the difficulty of this cycle has significantly increased and it’s almost foolish to be building your entire thesis on things that happened.” Michaël van de Poppe stated.
Macroeconomic factors play a key role in shaping the altcoin season. Van de Poppe noted that falling interest rates and a weaker U.S. dollar could drive altcoins to outperform Bitcoin, especially as risk appetite returns. Additionally, advancements in the DeFi ecosystem and growing adoption of altcoins like Ethereum are positive signs.
“When altseason is for me the period when I can scoop up altcoins that are extremely undervalued, but have strong teams that are resilient and continue to build. There are plenty out there and these are extremely, extremely undervalued.” Michaël van de Poppe stated.
Investors should stay cautious and focus on projects with strong teams and solid fundamentals, rather than chasing short-term trends. Given the current market, a long-term investment strategy and thorough analysis will be key to capitalizing on the upcoming season.
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