Coindesk: Onchain data suggest no alt season just yet
Amidst Bitcoin’s drawdown, onchain activity in the Ethereum ecosystem points to a market clearing excess leverage rather than shifting into altcoin season.
Bitcoin has experienced a sharp decline this month, accompanied by a drop in its dominance rate, the share of BTC's market cap relative to the total cryptocurrency market.
However, analysts caution that this decline does not necessarily signal a simple rotation. Rather, many see the market as undergoing a reset, a broader realignment rather than a straightforward shift from BTC to altcoins.
Onchain metrics reinforce this picture.
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Data from Blockscout provided to CoinDesk shows that Ethereum’s ecosystem is active but not overheating.
Base stands out as the current hotspot, processing roughly nineteen million transactions a day and seeing a surge in token creation driven by Coinbase’s Launchpad and Smart Wallet tools, according to data curated by Blockscout. Other major networks, including Optimism, Arbitrum, Polygon, and Celo, are stable and handling millions of daily transactions without a spike in fees.
This backdrop suggests that the market is neither in distress nor entering the kind of speculative fever that usually drives an altcoin cycle. A true altcoin season tends to coincide with rising fees, visible chain congestion, and a broad jump in activity across several networks at once.