Amidst all of these developments, renewed talk of whether altcoin season is making a comeback has re-entered the cryptocurrency space conversation. Other analysts have pointed out that altcoins are still struggling relative to Bitcoin on 90-day performance indicators. On one hand are those that think an altcoin season isn’t in the works.

An altcoin index that ranks the 100 most popular digital assets shows that an altcoin season could be coming soon. As concentrated bullish activity drove Tuesday’s broader rally, the bullish sentiment continued to power increasing momentum in the altcoin market.

According to BitMEX founder Arthur Hayes, the altcoin season isn’t likely to start until Bitcoin sets new all-time highs. As Hayes put it, Bitcoin needs to clear a high above its last cycle peak of just below $110,000.

A subsequent push, possibly above $200k, may cause a major rotation of capital into altcoins. Market data and technical analysis show strong indications that capital will begin to flow out of Bitcoin and into other digital assets.

As of this writing, just 17% of the top 100 altcoins have been able to beat Bitcoin over the past 90 days. As of May 5, BTC dominance was at 54.3%.

Ethereum’s on-chain engagement has never been hotter! On May 4th, the platform’s highest day, there were 1.15 million transactions, a jump of 12% from just one week prior. In the world of crypto technical analysis, an analyst called Darky pointed to the 65% BTC.D level as a major resistance barrier.

The altcoin season hasn’t fully materialized according to this data-driven period of caution.