Altseason is considered ‘permanently canceled’ due to the difficulties faced by 36 million altcoins. Here’s the reason behind this situation.

Crypto analyst Jesse Myers points out that the market is currently flooded with over 100 million altcoins, which has diminished their overall influence and led to an increase in Bitcoin dominance. He observes that while many altcoins become irrelevant, they seldom reach a value of zero, resulting in a substantial amount of illiquid assets remaining in the market. Since the start of 2025, altcoins have faced significant challenges, with major cryptocurrencies like Ethereum (ETH), Solana (SOL), Cardano (ADA), and Dogecoin (DOGE) experiencing corrections ranging from 35-40%. Certain market analysts argue that altseason may be permanently over. Notably, well-known Bitcoin analyst Jesse Myers highlighted that over 36 million altcoins have entered the market in recent years. Consequently, the overall value of the space has significantly decreased. Myers commented on the situation by stating, “This has simply reinforced Bitcoin’s strength,” as Bitcoin’s dominance increases while altcoins are on the decline. Crypto analyst Jesse Myers noted that as the number of altcoins increases, there is a corresponding trend of increasing Bitcoin dominance in the market. As stated by Myers, even though there has been a rise in the number of altcoins, their overall impact on the altseason has lessened since 2021. Myers mentioned that Bitcoin’s dominance has been gradually increasing due to the inability of many altcoins to stay relevant. He also stressed that, although altcoins may diminish in popularity, they seldom drop to a value of zero.