Altcoins volume hits 2.7x BTC Is this the start of Alt season?

CryptoQuant CEO Ki Young Ju stated that altcoin trading volume is currently 2.7 times higher than Bitcoin's, suggesting the start of an "alt season." He argues that trading volume, not Bitcoin's market dominance, now defines altcoin seasons. While there isn't direct Bitcoin-to-altcoin rotation, Bitcoin is increasingly operating within its own layer-2 ecosystem of ETFs and institutional holdings, making it harder to bridge to other altcoins. This decoupling allows some altcoins to show independent price trends. The current altcoin market is described as a "zero-sum game" with limited new capital inflows, meaning altcoins are mostly competing with each other. The total altcoin market capitalization remains below its all-time high. CoinMarketCap's Altcoin Season Index shows 31 of the top 100 cryptocurrencies outperforming Bitcoin over 90 days, suggesting a potential altcoin season. Historically, altcoin seasons have seen significant outperformance of Bitcoin, sometimes for several months. However, the current macroeconomic environment of high interest rates and quantitative tightening presents a challenge for altcoins, potentially hindering a strong rally. Bitcoin currently holds a market dominance of 60.1%.