币界网报道：Geopolitical tensions and macroeconomic uncertainty are delaying the anticipated altcoin season, according to crypto analysts. While Bitcoin has surged over 150% since late 2022, altcoins have largely underperformed, with the TOTAL2 market cap excluding BTC and ETH still 66% below its 2021 peak. Experts note that altcoins typically follow Bitcoin's lead with a lag, but the current cycle appears prolonged due to risk-off sentiment fueled by Middle East conflicts, inflation concerns, and potential Fed rate hikes. The altcoin market cap dominance remains at just 11.4%, far from the 40-50% levels seen during previous bull markets. Analysts suggest investors are preferring Bitcoin's relative stability amid global instability, though some predict altcoins could rally later in 2024 if macroeconomic conditions improve and Bitcoin stabilizes above key resistance levels.