Bitcoin Declines but Altcoin Season Remains On Hold, Market Observers Say
Bitcoin price hovered around $91,367.28 as of November 18, 2025, following a roughly 16% decline over the past month. During this period, Bitcoin's dominance in the cryptocurrency market decreased from 61.4% to 58.9%, signaling a mild shift in market share. Despite some selective gains, such as strength in XRP against BTC and a modest slip in ETH/BTC, altcoins have not demonstrated broad strength or led a significant market rotation.
On-chain activity remains steady without the typical signs of an altseason, such as network congestion or spikes in transaction fees. The Base network processes approximately 19 million transactions daily, with a notable surge in token creation attributed to Coinbase Launchpad and Smart Wallet platforms. Other major networks including Optimism, Arbitrum, Polygon, and Celo have maintained stability, each handling millions of daily transactions without notable fee increases.
Market observers indicate that the recent market movements reflect a leverage flush that began with October's liquidation events rather than a rotation into altcoins. The anticipated risk-on rotation has not yet materialized, and until Bitcoin and Ethereum prices stabilize, the market is expected to drift sideways.
A true altseason, characterized by higher transaction fees and broader network activity, remains unlikely in the near term based on current data and network behavior.
