Author: Wenser
As market policies continue to bring positive news, the crypto market is gradually recovering, and Altcoins are ushering in their "second spring", with MEME coins particularly standing out: OKX data shows that MOODENG, GOAT, WIF, BOME, and MEW have 24-hour gains of 123.09%, 57.36%, 26.24%, 24.84%, and 22.64% respectively. This wave of growth following BTC, ETH, and SOL has many diamond hands exclaiming "they're back, they're all back"; on the other hand, some are bleeding internally looking at their significant drawdowns. Regarding the future market trend, Odaily will sort out and summarize the recent market growth drivers and industry representative perspectives in this article for readers' reference. [The rest of the translation follows the same professional and accurate approach, maintaining the original structure and meaning while translating into fluent English.]In contrast, until yesterday, most crypto veterans were still waiting and watching (even shorting), but with expectations of a historical new high reigniting market enthusiasm, the total market value of Altcoins is expected to see a strong rebound.
Bullish View: Analysts Say Mainstream Market Consists of Short-Term Traders, Altcoin Season Has Arrived
Analyst 2 Lambroz believes the Altcoin season may have arrived, but notes that market dynamics have changed. "People want to buy, but lack confidence in any strong narrative." He points out that unlike 2021, there are no signs of retail investors entering the market. Traders' capital turnover is faster, with almost no motivation to hold long-term positions. Technical trader Moustache is more optimistic. He shared a chart showing Altcoins repeatedly experiencing accumulation phases, followed by explosive growth. According to his analysis, the current structure is similar to 2016 and 2020. "The 2025 Altcoin season has officially begun."
Neutral View: CryptoQuant Founder Says Previous Judgment Was Wrong, Should Focus on Incremental Institutional Funds
CryptoQuant founder Ki Young Ju wrote that his judgment about the end of the BTC bull market two months ago was incorrect. Current on-chain data shows BTC selling pressure is reducing, while ETF and other institutional funds are massively flowing in, driving market structure changes. He noted that the Bitcoin market was previously mainly composed of veteran whales, miners, and retail investors, making cycle tops easier to determine. Now, with ETF, MicroStrategy, institutional and government entities participating, the traditional logic of "whale selling triggering the top" is becoming invalid. Ki emphasized that in this new environment, more attention should be paid to incremental institutional funds flowing in, rather than old selling pressure signals.
Bearish View: Altcoins Down 90%, Golden Age Is Still Far Away
Meanwhile, skeptics still exist. Commentator Rekt Fencer pointed out that most Altcoins have dropped 90% since last December. This week's small 10% rebound has triggered excessive optimism, prompting him to mock this rally. "This is the Altcoin golden age we've been waiting for."
Summary: Meme Coin's Small Rebound Doesn't Mean Altcoin Season Has Arrived
According to Coingecko data, BTC's market dominance remains around 60%. Overall, it's difficult to say we've entered the Altcoin season, and the previous "Altcoin G" description is more apt. The currently performing coins are mostly showing "local bull market" performance.
As Arthur Hayes stated in early May, "The question I'm most often asked recently is when the Altcoin season will come? And the answer is sometimes it's right in front of your eyes. HYPE."
