Altcoin Season Delayed as Bitcoin Dominance Holds at 61.7%

• BTC dominance holds at 61.7% as Altcoin Season Index lags at just 28
• STH MVRV signals Bitcoin may push toward $118K–$128K range by June
• Total3 chart rejected at $923B, altcoins struggle to break resistance

The crypto market is heavily leaning to Bitcoin’s favor, with the Altcoin Season Index reading just 28. 

This figure is far below the 75 threshold typically required to declare a true “altcoin season,” indicating Bitcoin is still firmly in command and outpacing the performance of most altcoins despite a recent broad market recovery.

Even during the recent surge that pushed Bitcoin to $105,000, altcoins had felt a short-lived bounce. Yet Bitcoin’s dominance remains at 61.7%, suggesting that capital is still consolidating around BTC. 

Historically, an altcoin season requires BTC dominance to fall significantly, giving room for altcoins to outperform. That hasn’t happened yet.

Bitcoin On-Chain Metrics Suggest Further Near-Term Strength

On-chain data further supports this BTC-centric narrative. The Short-Term Holder MVRV (Market Value to Realized Value) currently sits at 1.09, signaling more room to run. 

The current STH MVRV is 1.09. The fi…

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