Ray Youssef: The Altcoin season has not only just begun but has already reached halfway through.

The dominance of Bitcoin (BTC.D) has fallen to its lowest level in 7 months. This decline coincides with an increase in altcoin indices, leading to speculation about the beginning of an altcoin season.

However, Ray Youssef, CEO of the cryptocurrency platform NoOnes, revealed that the altcoin season has not only just begun but is currently at its peak, challenging the current market analyses.

Has the altcoin season really begun?

According to the latest data, the BTC.D ratio has fallen to 59.3% today, the lowest level since February 2025.

The dominance performance of Bitcoin (BTC.D) | Source: TradingViewAt the same time, the Altcoin Season Index from BlockchainCenter has risen to 53. This indicates that the market has not yet reached the traditional altcoin season threshold of 75. However, this growth is quite significant, leading many experts to predict the start of an altcoin season.

"The altcoin season has been confirmed," James Wynn affirmed.

However, Cas Abbé, a renowned market commentator, believes that the current market condition reflects an "Ethereum season" rather than a broad altcoin race.

"We are in the Ethereum season, where most of the liquidity is flowing into ETH. For an altcoin season to occur, we need more liquidity from retail investors, which will not happen until ETH reaches a new ATH. When that happens, the Others/BTC pair will start to show strength and could break out of this downtrend. My prediction is that this will happen in October or November 2025," Abbé said.

Meanwhile, some other experts see the strength of Ethereum as a sign of a larger altcoin rally coming soon.

Ray Youssef talks about the real start of the altcoin season: Starting in April

Although there are many differing opinions, one thing is clear: these analysts believe that either the altcoin season has not really started yet, or we are still in the early stages. However, Ray Youssef disagrees with this viewpoint.

"The altcoin season happens very quickly, and it's easy to confuse the end with the beginning. What currently may feel like a beginning is actually, at least, the middle of the rally," he shared.

Youssef asserted that from the end of June to the beginning of July, the market has provided many investment opportunities, or bargains, with cryptocurrencies such as Dogecoin (DOGE), Solana (SOL), XRP (XRP), Cardano (ADA) and many others.

He believes that the rise of these assets can be seen as an indicator that the altcoin season has begun. However, Youssef believes that April will be a more accurate starting point for the altcoin season, when Ethereum has recovered from the level of 1,500 USD.

Moreover, he pointed out the fall in Bitcoin's dominance and the fact that more than 30 altcoins have outperformed Bitcoin in the past 90 days as evidence of the peak of the altcoin season.

"This year's altcoin season has reflected the changes of the seasons in nature — a long thaw in April, a chilly June, and only by the end of July to early August does summer truly arrive for the altcoins. Fall will come quickly, and prices will fall like leaves in October," the director commented.

Youssef sees the potential for established altcoins like Solana and XRP to significantly increase market value, possibly by a large margin. According to him, if these coins succeed, they could surpass the "altcoin" category and become major players in the market, stepping out of Ethereum's shadow.

"If that happens — and if one considers that the Solana network, for example, may be more suitable for payments than Ethereum — that would be a serious challenge for Ethereum and a real challenge for the altcoins linked to it," he remarked.

He also suggested that as institutional investment in Bitcoin and Ethereum continues, this could lead to a fall in their volatility. Therefore, subsequently, meme coins such as DOGE, Pepe (PEPE), Shiba Inu (SHIB), and Floki (FLOKI) may experience a resurgence.

"The flow of funds from institutions into Ethereum will extend the summer for altcoins — but the real question is, for how long and which coins will benefit. As the crypto winter arrives, those coins supported by institutions are likely to hold their value the best. Speculative tokens with no real utility, no users, and no role in the growing Web3 economy will disappear forever," Youssef told BeInCrypto.

The different perspective of the CEO drives a reassessment of the current market state, particularly with institutional capital shaping the next stage of cryptocurrency development.

Mr. Teacher