Amid the prevailing global geopolitical uncertainty, ignited by the rising tensions in the Middle East, the crypto market is showing major signs of weakness. Besides the disappointing price action of Bitcoin, the majority of altcoins are currently trading close to their all-time lows (ATLs).
Altcoins trading close to ATLs
The following chart from TradingView – which measures the total crypto market cap of altcoins excluding the top 10 (OTHERS.D) – show that the OTHERS.D metric has been on a continual downtrend since January 2022.
Specifically, the OTHERS.D metric is currently hovering around 7.38%, posting some recovery after recording a pullback to 5.5% during the infamous October 2025 crypto market crash.
The continually lower readings of the OTHERS.D metric shows that the total market cap of altcoins – excluding the large-cap coins such as BTC, ETH, SOL and stablecoins like USDT and USDC – is weakening.
Similarly, another metric called ‘Altcoin near ATL’ which measures the percentage of altcoins trading near their ATLs shows that 38% – or one out of every four altcoins – is currently trading close to its historical lows.
To be clear, the Altcoin near ATL metric only excludes BTC, ETH, and stablecoins from its formula. As a result, it captures a few more large-cap coins compared to the OTHERS.D metric.
Such high readings of the Altcoin near ATL metric have typically appeared during times of market stress. When the ratio surges, it shows that investor confidence in coins with low market cap is withering.
What’s behind the weakness?
One potential reason behind the surge in the Altcoin near ATL metric is the capital concentration in BTC. Institutional flows, through BTC exchange-traded funds (ETFs) have pulled liquidity toward Bitcoin-based financial products.
At the same time, the total number of crypto assets has increased exponentially in recent times. As a result, the competition for capital among cryptocurrencies has surged.
From a macroeconomic perspective, higher interest rates and low active liquidity are also weighing down on investors’ appetite for risk. Consequently, investors are moving towards large assets and shunning digital assets with thin liquidity.
That said, the excessive pessimism surrounding altcoins is likely to pave the way for a bullish market reversal. However, several crypto entrepreneurs and seasoned investors maintain that we may never ever see an ‘altseason’ again.
