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Pantera Capital, one of the biggest investment firms in the cryptocurrency space, has said that “Altseason” might happen in 2025. This is when other cryptocurrencies, or altcoins, do better than Bitcoin in the market.
The company says that the total value of altcoins on the market is now higher than that of Bitcoin (BTC). The altcoin market score is now 51 out of 75 points. This is a strong sign that altcoins are gaining momentum, and it could reach new heights as the year goes on.
Pantera Capital’s most recent research talked about the current phase of the bitcoin market cycle, which they divide into two separate phases. Bitcoin is in charge in the first phase, but altcoins start to take over in the second phase. This has been the case in past bull cycles, when altcoins would often catch up to and even beat Bitcoin as the bull market matured.
A Bull Cycle Has Two Parts
Erik Lowe, head of content at Pantera Capital, said that Bitcoin usually leads the way in the early phases of a bull cycle, with altcoins following behind. As the cycle goes on, though, altcoins pick up speed and start to do better than Bitcoin. During the bull cycles from 2015 to 2018 and from 2018 to 2021, this pattern was clear: altcoins made up more than half of the overall market gain.
In fact, cryptocurrencies made up 66% of all market growth from 2015 to 2018. From 2018 to 2021, that number dipped a little to 55%. Pantera’s analysis shows that cryptocurrencies are not only a small part of the market; they are often the key drivers of growth in the last stages of a bull cycle.
Market Data and Altseason Signals
Pantera’s most recent research shows that the signals of an Altseason for 2025 are getting stronger. For example, the market share of altcoins is going up. Altcoins’ proportion of the market has grown from 28% in January 2025 to 44% by August 2025. This rise shows that altcoins are currently gaining a lot of ground in both market value and investor interest, moving faster than Bitcoin did over the same time period.
The changing rules and regulations in the United States are a big reason for this tendency. The Biden administration has passed regulations like the GENIUS Act and the CLARITY Act that make the rules for stablecoins and altcoins more explicit. These improvements to the law are making the regulatory environment better, which is encouraging innovation and institutions to use altcoins.
“We’re seeing a change where the regulatory clarity that used to only help Bitcoin is now also helping altcoins.” Pantera’s report said, “The market is starting to show that change.”
Ethereum is in charge
People think that Ethereum, the second-largest cryptocurrency by market size, is a major factor in current altseason. Ethereum is the main blockchain for many stablecoins and real-world assets, which has led to a rise in demand. Pantera Capital said that Ethereum has gone up 103% against Bitcoin since April 2025, showing that investors are very interested in what the network can do.
A large part of the global stablecoin market, which is worth over $260 billion, is issued on the Ethereum blockchain. This makes Ethereum’s function even more important. Ethereum is the base for about 54% of stablecoins and a huge 73% of tokenized U.S. Treasury bonds. This shows that Ethereum is at the center of the new digital asset economy.
Interest from Institutions in Tokenization
Pantera also says that the increased interest of institutions in tokenized assets is a big reason why altcoins are becoming more popular. Companies like Robinhood, BlackRock, and JPMorgan, which are big players in the financial world, have started to provide products based on tokenization, such as stablecoins and tokenized stocks. For example, Robinhood has launched Stock Tokens based on the Arbitrum blockchain, while BlackRock is in charge of more than $2.3 billion in treasury tokens.
This institutional use shows that altcoins and blockchain technology are becoming more trustworthy. As more big banks get involved, the momentum for altcoins is likely to keep growing.
Support from regulators and new technology
Pantera Capital said that Altseason is not only a speculative fad, but the outcome of a number of things, such as positive changes in regulations, new technologies, and more people using decentralized finance (DeFi) platforms. The company’s research says that Ethereum is still at the center of this trend, and its rise is fueled by both technological improvements and support from institutions.
Along with Ethereum’s rise, other altcoins like Uniswap (UNI), MNT, and PENGU have also seen big gains. This makes the thesis that the altcoin market is gathering pace even stronger. In fact, 75% of altcoins have done better than Bitcoin in the last 90 days. Token values have gone up as much as 100%, while Bitcoin’s price has only gone down by 0.7%. As the second phase of the bull cycle begins, these gains show that the market is moving in favor of altcoins.
Altcoins Will Keep Growing
Pantera Capital is still hopeful about the future of altcoins. The company says that the second phase of the bull cycle will be a key time for altcoins, and that Ethereum and other top projects will probably stay on top. Pantera, on the other hand, says that the market is still unstable and that there are still risks, even though the emergence of altcoins is a good sign.
As of August 2025, the altcoin season score is hanging at 51 points, well below the peak of 59 points set in July. A score of more than 75 points means that it is full-blown altcoin season. It hasn’t reached that level yet, but the way things are going, 2025 could be the year when altcoins really shine.
In conclusion, the signals for Altseason in 2025 are getting stronger as altcoins, especially Ethereum, continue to flourish and get more popular faster than Bitcoin. The second part of the bull cycle is going to be a big deal for altcoins in the cryptocurrency market. This is because of good regulatory reforms, new technology, and more interest from institutions. It is still unclear if this trend will last, but there is no denying that it is gaining speed.
