The last two times bitcoin prices made new all-time highs, total crypto market capitalization was around $3 trillion. On Nov. 10, 2021, the metric topped $3 trillion when BTC hit its cycle peak of $69,000.

Total capitalization also neared the $3 trillion mark in March this year when the asset made its all-time high of $73,738.

However, as BTC closes in on new price discovery again this week, total capitalization remains at around $2.5 trillion. This means that altcoin markets are down around $500 billion from previous peaks.

So What is Different?

The major drag on total capitalization at the moment is Ethereum, which has vastly underperformed this year. During the last bull market peak, ETH market capitalization reached $570 billion when the asset hit its peak price of $4,878 on Nov. 10, 2021.

In March of this year, ETH market capitalization reached $490 billion, and the asset topped $4,000. However, its market cap at the moment is just $317 billion, with prices failing to break resistance at $2,650, down 46% from their peak three years ago. Some traders remain unperturbed, however, viewing the lull as an accumulation zone.

$ETH

As mentioned before, 30% of my total spot portfolio is in Ethereum Not without a reason.

Beautiful accumulation. pic.twitter.com/c2iaLgWcEQ

Ethereum is not the only altcoin dragging its digital feet. Most of the high-cap crypto assets are down significantly from their peaks. Solana (SOL) is 31% down, XRP is 85% down, Dogecoin (DOGE) is 76% down, Toncoin (TON) is 39% down, and Cardano (ADA) is a whopping 88% away.

Other previously high-cap altcoins such as Polkadot (DOT) have collapsed 92% from their peak price while Shiba Inu (SHIB) is down 78%.

The only altcoin even close to its peak that was in the top ten in 2021 is Binance Coin (BNB), which is 16% away from a new price high.

This altcoin market cap drag comes despite a surge in stablecoin capitalization, which is currently $177 billion, up from around $120 billion in late 2021. Analyst James Check noted the impact of the stablecoin market cap, stating that it is “actually worse for altcoins” than it appears.

Bitcoin Dominance Tops 60%

The altcoin crush and lack of momentum for most crypto assets indicate a lack of retail participation at the moment.

This is further evidenced by the surge in institutional Bitcoin ETF flows, which have seen more than $2 billion worth of inflows over the past five trading days.

Moreover, Bitcoin dominance has now topped 60% for the first time since March 2021, according to Tradingview. However, some analysts are confident that altseason is just around the corner.

Altseason is about to start any moment now. pic.twitter.com/pHK11MVjF5