Crypto Bull Market? DonAlt Says Sentiment Has ‘Never Been Worse’

“Whether that's a good or bad thing I'll leave up to you,” DonAlt wrote.

The Worst Bull Market Ever?

Despite Bitcoin trading near its all-time high, many analysts argue that this rally doesn’t feel like a traditional bull market. According to TradingView, Bitcoin dominance (BTCD) has surged to 61.70%, its highest level since March 2021.

This has put altcoins in a tough spot, even Ethereum (ETH), the second-largest cryptocurrency by market capitalization. The ETH/BTC ratio fell below 0.028, marking its lowest level since January 2021.

Related: Bitcoin Wealth: How Families Are Funding Dreams With Crypto

The Market Slumps, Twitter Reacts

As of writing, Ethereum (ETH) is trading just above $2,650, still far from its all-time high (ATH) of over $4,800, reached back in 2021. Many altcoins have seen even steeper declines, with their prices sitting significantly below their peak levels.

Crypto influencer DonAlt’s tweet, combined with the broader market downturn, has sparked intense discussion in the comments. A user named Regrets remains optimistic about meme projects, while others have pointed out a rising number of desperate posts, with some traders expressing even suicidal thoughts.

Another X user, degentrading, suggested that the negative sentiment stems from the fact that most bull market participants held onto their altcoins until they dropped 90% in value. Meanwhile, OBI Real Estate argued that extreme pessimism in a bull market could actually be a contrarian signal.

because people actually believed the things they were trading had any value

now everyone knows they're buying / selling vapourware, in fact the biggest narrative of this cycle was trading coins w/ zero value that everyone knew had zero value

and no one wants to get caught holding things w/ no value,

 wrote user banger.

Another user, kakaboka, pointed to macroeconomic conditions as a major factor behind the bearish mood. He noted that the global M2 money supply growth is at a record low on a yearly basis, indicating rising fiat inflation. Additionally, credit has become significantly more expensive, reducing risk appetite, while the supply of altcoins has become heavily diluted.

Where Does the Market Stand?

Despite Bitcoin's resilience around the critical $100,000 psychological level, the current market landscape signals a significant shift in the crypto ecosystem. BTC dominance is climbing, while the ETH/BTC ratio continues to decline, indicating a reallocation of capital—a trend particularly evident among retail investors.

At the same time, social media sentiment remains highly polarized—ranging from bullish faith in memecoins to outright market pessimism. This divide highlights the uncertainty and emotional tension gripping traders and investors alike.

You might also like: Trump Jr. States That Crypto Is America’s Path to Global Dominance

While current market sentiment may seem overwhelmingly negative, it could also present an opportunity for strategic reassessment and adaptation to shifting macroeconomic conditions. Investors should proceed with caution and diligence, as the crypto market continues to evolve in response to global financial dynamics.