The Altcoin Season Index reached 39 on November 4, remaining significantly below the 75-point threshold required to signal an altcoin season. Market data indicates that capital has not yet rotated into alternative assets, despite some bullish technical patterns.
Bitcoin dominance was recorded at 60.43% after facing rejection at a descending trendline for the third time. Simultaneously, altcoin dominance is maintaining a key support level, and the ETH/BTC pair closed October above a multi-month trendline, although it still requires a breakout above resistance to confirm a trend shift.
The market capitalization of assets excluding Bitcoin and Ethereum, known as TOTAL3, dropped 1.05% to $734 billion on November 4. This metric has consistently formed lower highs since peaking above $850 billion in late September.
Tether dominance rose to 6.993% on November 4, compared to approximately 6.4% in early October. Additionally, retail interest has declined, with Google Trends data for the term altcoin season showing a 60% decrease over the past year.
To confirm a potential shift, analysts suggest three key indicators: TOTAL3 must hold the $730 billion support zone, Tether dominance must face rejection at the 7.2% level, and the Altcoin Season Index needs to surpass 50.
