Altcoins
Altcoin Season Index Signals Arrival – Top Coins Eclipse Bitcoin Market Performance – TradingView News
Altcoins Rise as Index Points for Season Entry
At the beginning of December 2023, a multitude of cryptocurrency enthusiasts were impatiently awaiting the possible start of the altcoin season. Reporting on this trending topic at the time, Bitcoin.com News referenced blockchaincenter.net’s Altcoin Season Index, which scored 47 out of 100.
This indicates that as of December 9, 2023, it was not yet altcoin season, at least according to the index’s assessment. Today, however, the narrative painted by the measure is entirely different.
A preserved snapshot of the blockchaincenter.net index from January 14, 2024 clearly states “it’s altcoin season.” The index is positioned at 76 out of 100, with any score above 75 signaling an altcoin season.
This level was last observed at the end of August 2022 and continued until the end of September of the same year. According to the index’s methodology, when 75% of the top 50 crypto tokens outperform bitcoin (BTC) in 90-day performance (a season), it is officially considered altcoin season.
The Altcoin season also took place from late March 2021 to mid-June 2021. Top assets that outperformed BTC during the season include ORDI, SEI, INJ, SOL, ICP, AVAX, IMX, NEAR, and a large handful of ‘others.
ORDI’s 2,067% gain and SEI’s 558.5% gain largely overshadowed BTC. In addition to the altcoin season index, ETH market dominance has been increasing in recent times. Currently, on coinmarketcap.com, Ethereum (ETH) holds 18% dominance, with Bitcoin (BTC) at 49.8%.
Meanwhile, on coincko.com, ETH is at 17.2% and BTC is at 47.5%. The altcoin season flash signal is a trending topic on social media, marking the first time in a long time that the index has indicated such a trend.
The burning questions now are: How long will this last, and will bitcoin’s rise stop or take a backseat amid significant altcoin market swings? Alternatively, the current altcoin season could end quickly and fail to meet expectations.