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Altcoin trading has cooled back to normal levels. Total crypto spot volume now runs at about 3 times Bitcoin‘s (BTC), down from nearly 4 times in late September.
The speculation has cooled, although the market has not yet tilted toward Bitcoin or altcoins. That leaves Ethereum (ETH) and altcoin holders without a clear signal. Bitcoin dominance sits at 60.49% on October 27, between the levels one analyst ties to Bitcoin leadership and altcoin rotation.
Altcoin Trading Drifts Back to Its 2022 Median
Glassnode lead analyst AntiFragile compares total spot volume with Bitcoin’s own spot volume over 7 days. A higher ratio means more trading activity in altcoins relative to Bitcoin.
The ratio ran near 4 in late September, when Blockchaincenter’s Altcoin Season Index climbed to about 63. It has since slipped to about 3, its median since 2022.
Altcoin speculation has slowed down
Total spot volume is back to about 3x bitcoin:native's, its median since 2022. In late September it was running near 4x.
For buyers looking at altcoins, this is a better entry than it was when the market was overheated a month ago. pic.twitter.com/EAMbhAWMWX
— AntiFragile (@anti_fragile) October 26, 2026
A median reading points to ordinary trading activity. Breadth weakened as well. By October 18, 48.4% of Binance-listed altcoins sat below their 200-day average, up from under 10% earlier that month.
Bitcoin Dominance Presses Against the Top of Its Range
Whether that calmer market draws fresh altcoin buying depends on Bitcoin dominance. The metric tracks Bitcoin’s share of total crypto market value.
Dominance reads 60.49% on October 27, after touching 60.91% on October 18. That October peak was the highest level since mid-May.
The last turn lower from this zone favored altcoins. Dominance fell to about 58% between mid-May and early June. Over the same weeks, the Altcoin Season Index rose from about 25 to about 50.
Ash Crypto frames the setup with two levels. A break above 61.5% would keep Bitcoin in the lead and altcoins weak. A drop below 58% would start rotation into Ethereum (ETH) and altcoins, he said.
“ETH has done well these last 4 months, but that only continues if dominance starts falling from 61%,” the analyst added.
Wondering why your altcoins keep getting crushed while everyone keeps calling for altseason?
The Bitcoin Dominance chart might have your answer.A potential triangle is still unfolding, with wave (c) now approaching the yellow trendline.
Altcoin holders might want to pay VERY… pic.twitter.com/89sgafWPdZ— More Crypto Online (@Morecryptoonl) October 26, 2026
Meanwhile, the Altcoin Season Index reads a neutral 51, midway between the Bitcoin season (25) and altcoin season (75) thresholds.
One factor could slow any rotation. Exchange reserves of ERC-20 stablecoins stood at $55.97 billion on October 26. That compares with almost $78 billion in November 2025.
Traders usually fund crypto buys with stablecoins already on exchanges, so a smaller pile leaves less ready cash to deploy.
Dominance now sits about 1 point below the upper line and 2.5 points above the lower one. A move toward either will show whether the calmer altcoin market draws new buyers.
Read the Original story Altcoin Fever Has Cooled. Watch What Breaks the Silence by Kamina Bashir at beincrypto.com
Source: finance.yahoo.com