CoinMarketCap's Altcoin Season Index has hit an all-time low since its launch, indicating a decline in the number of altcoins outperforming Bitcoin. The total altcoin market capitalization has dropped by 38% from its peak, resulting in a $600 billion exit from the market. Despite this, there is still optimism among analysts.

Only 17 altcoins have shown better performance than Bitcoin in the last 90 days, as revealed by the Altcoin Season Index by CoinMarketCap. This index tracks the top 100 altcoins' performance against Bitcoin over a three-month period.

Former Binance CEO CZ has mentioned that a positive sign is an index level of 50 or higher, making the current level of 17 concerning as it is the lowest point since its introduction.

A separate Altcoin Season Index presented by Blockchain Center currently stands at 29, indicating a drop in altcoin market capitalization. This aligns with the overall decline in the altcoin market cap from $1.64 trillion to about $1 trillion.

However, despite the market downturn, some analysts remain hopeful for the future. Master of Crypto predicts a promising future based on historical patterns of altcoin rallies during low index levels. Similarly, Coinvo anticipates a potential surge in the altcoin market cap to $5 trillion by 2025, drawing parallels with market expansion in 2017 and 2021.

Ki Young Ju, CEO of CryptoQuant, suggests a new perspective on the Altcoin Season, emphasizing a shift towards allocating capital into stablecoins or established altcoins rather than smaller, speculative tokens.