Crypto Market’s “Altcoin Season” is not the old one. In past cycles, Bitcoin rallies have replaced the altcoin boom, lifting up almost every token. Now, new market trends suggest that the indiscriminate profits of the time are declining.
Analysts predict a more selective Altcoin cycle – “The era of all pumping is over.” In an interview with Beincrypto, Hitesh Malviya, founder of Crypto Analytical Tool Dyor, said that retail investors looking for the next big winner must adapt to these evolving trends.
How to find a winning altcoin in a choppy market
Traditionally, the Altcoin season means that Bitcoin’s advantage will decrease, with most Altcoins surges. That wider meeting may be over.
“If the idea of ​​a full-fledged ALT season comes from a past cycle, that’s something I really don’t expect. What I’ve seen in Altcoins up until now was the bubble-blooming and bursting that took place in two bull cycles and two bear cycles,” Malviya told Beincrypto.
Market experts foresee a more subtle stage in which only the most powerful projects flourish. In short, instead of the current that lifts all boats, the next Altcoin season may prefer quality (a project with actual use and revenue) over quantity.
Investors should focus on the fundamentals of use, revenue, and community growth. Now, the market is rewarding material more than hype. In fact, interest in speculative sectors such as Meme Coins has been declining significantly since late January 2025.
“The adoption curve places the new shape upwards, but the speculative curve loses its appeal, introduces lower market volatility, provides more stable returns, and reduces correlation with market stocks. Continued.
The key reason for the evolution of the Altcoin season is that fluidity is currently spinning between different stories.
Fluidity flows towards a compelling story. There was a mini-cycle where certain themes set fire to it – meme coins, AI tokens, defi projects, metaverse games, and more.
Savvy investors watch social media, developer activities, and news, catch new stories early and enter the crowd.
“Because there are multiple categories within Crypto, liquidity always flows into different stories at different times. Just like stocks where some categories always outweigh other categories. The dynamics of the same market are also seen in crypto.”
How to find potential winners for the Altcoin season? Identify the strength of the downtrend
Malviya believes investors should be aware of Altcoins, which show relative strength during recessions. If Altcoin can retain its value or rise while Bitcoin is sliding, its resilience shows strong demand (possible for early accumulation).
“Dyor offers a metric called optimized relative strength, which helps you track some of the best coins and stories that have shown the best strength in the last 7, 30, and 90 days.
Additionally, Malviya discussed other basic metrics to track. These include:
DEX Volume: Increased volume of decentralized exchanges can lead to higher prices of native tokens. Total Value Lock (TVL): Deposit growth and locked totals mean user trust. Lending protocol token bullish. Derivatives Volume: Increased on-chain trading activity will increase the number of traders and fees that support tokens.
Oracle Total Value Secured (TVS): Climbing total values ​​protected by Oracle (e.g. ChainLink) shows a greater dependency on it, increasing the demand for tokens.
Depin Revenue: Actual revenue from the Depin Project (real world services) shows not only hype, but also a sustainable model.
Additionally, Malviya highlighted the talknomics of the Crypto project. He believes that even great projects can wander if their talknomics are flawed.
Tokenomics – Token supply and incentive design allow you to create or break Altcoin. Good talknomics (fair distribution, powerful utilities) create lasting demand, while poor tocononomics (too much inflation or constant insider unlocking) often dooms the project.
“Ideally, communities and ecosystem funds should get at least 60% supply to generate actual demand for the product by incentivizing developers and users through planned token emissions at various stages. Tokens are actually created to promote true user demand for the product. Emotions often mix both the product and token. In most cases, the price of the token ultimately determines the amount of adoption of the product,” Malviya elaborated.
Finally, he shares a tool that users may find the next winner of the Altcoin season.
DYOR – Users can use DYOR to find relative strength data for over 200 coins, detailed demand side tocononomics data for over 70 coins, basic data for 65+ coins, and detailed research reports on top projects. Defillama – Track multi-chain defi data such as TVL and volumes. Dune Analytics – This is a community-driven platform that provides dashboards for custom on-chain data.
“The community needs to learn to discover some interesting alphas using the Defillama and Dune dashboards. Most on-chain data is tracked on both these platforms. All you need to do is find the right dashboard, take notes on the various growth metrics you notice, and use that data to build your papers to arrive at better due diligence,” Malviya concluded.
Those armed with solid research are the best chance to catch the winner of the upcoming Altcoin season.
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