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Small-cap crypto tokens just hit a humiliating four-year low, proving that the "alternative season" thesis is officially dead. The first is the CoinDesk 80 Index, launched in January 2025, which tracks the next 80 assets after the CoinDesk 20, providing a diversified basket beyond Bitcoin, Ethereum and the biggest names. The winners concentrated on a narrow set of big names, like Solana and XRP. Then the dominance of altcoin trading volume over Bitcoin returned to 2021 highs, but 64% of altcoin volume was concentrated in the top 10 altcoins. CryptoRank's altseason index rose to about 88 by December 2024, then crashed to 16 by April 2025, which was a full circle.