OKX names reasons for absence of altseason

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The expert attributed Ethereum's weak performance in the current cycle to overall market volatility and increased competition from Solana. However, he noted that the upcoming Pectra upgrade could serve as an impetus for ETH price growth. 

Lai admitted that investors may be returning to altcoins and recommended monitoring the Altcoin Season Index

The current bullish cycle in the crypto market has lacked large-scale technological breakthroughs and hype trends similar to DeFi or GameFi that would stimulate the growth of altcoins. Lennix Lai, commercial director of the OKX cryptocurrency exchange, said this in a comment to ForkLog.

He noted that, contrary to expectations, the launch of spot Bitcoin and Ethereum ETFs in 2024 did not contribute to the start of the altseason. The price of ETH is currently around $2,000, having dropped by almost 40% over the year. Bitcoin, despite the correction in recent weeks, is trading 30% higher than a year earlier. 

The second reason for the weak dynamics of alternative coins, Lai said, is the focus of investors on Bitcoin as the safest asset in conditions of economic uncertainty.