What Happened to Alt Season?

A common theme in this cycle has been the consistent cries for “altseason” as participants hope for a time period similar to H1 2021, where nearly the entire altcoin market rallied in tandem. However, altcoin performance has been muted outside of Solana’s massive price rally. While there are still bouts of “risk on” time periods where most market participants are looking to venture out on the risk curve, there has been no real altseason reminiscent of previous cycles. In its current state, the market is taking turns rotating attention-based capital between a few select high-value tokens such as ENA, TAO, DOGE, and PEPE, which are all taking turns pumping, while other alts such as DOT have been range-bound for the last year. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io