The dominance of Bitcoin, which is expressed in terms of BTC. D, is an important indicator for determining the season of altcoins. When BTC. D falls, which usually means that investors are shifting their investments into altcoins during periods of market volatility. Despite macroeconomic concerns, such as the upcoming FOMC meeting and Trump's retaliatory tariffs, which take effect on April 2, Bitcoin's dominance is still strong. It is currently at 61.6%, slightly below its peak of 64.3% in February. Switch to mid-cap or low-cap altcoins A detailed look at the weekly coins that have risen in price shows that four out of five of these coins are mid- or low-cap altcoins. This trend indicates that investors are moving away from large-cap coins and moving towards cheaper, riskier options. Traditionally, Bitcoin's dominance has been an important metric for the altcoin season. When BTC. D is rising, which usually means that investors are moving their money into Bitcoin for safety. However, the current scenario looks different. It is noteworthy that the risks associated with bitcoin are higher than usual. Bitcoin's Recovery Ability and Altcoin Congestion State The first quarter did not end as expected, with Bitcoin remaining below $ 100.000, which disappoints many. Moreover, no reduction in interest rates is expected until at least the end of the second quarter, which leaves the market waiting. Despite these conditions, altcoin season is not yet here. Despite Bitcoin's stability, the altcoin season index currently stands at 29, indicating that 58% of altcoins outperform BTC. This percentage is mainly made up of low-cap and mid-cap coins. However, this is still well below the 75% threshold that is usually required to start a true altcoin season. One of the important factors influencing this cycle is the emergence of Bitcoin ETFs. Ahead of Bitcoin's all-time high of $109,000 in January, the Bitcoin ETF recorded cash inflows of $1.078 billion. Since then, millions of dollars have been invested in these ETFs, keeping BTC investments and postponing the normal altcoin season. Is the altcoin seat already over? As of March 18, CoinMarketCap had registered more than 12.88 million digital assets, a significant increase from 11 million in February. This growth, mainly from memecoins and low-cap tokens, reduces investor concentration. While Bitcoin's dominance continues to delay the altcoin season, investors are shifting to riskier alternatives. Many tokens currently have a market cap of between $10,000 and $100,000, pegging capital to short-term assets. This situation puts pressure on the leading large-cap coins. For example, the ETH/BTC pair, which used to be strong, has now declined to its lowest level in five years. With the emergence of new tokens and the growth of ETFs, the market is undergoing significant changes. The typical capital moving from Bitcoin to an altcoin seems to be gradually decreasing, leaving Bitcoin firmly held in the market.