While bitcoin has performed steadily over the last ninety days, the price rise of 19 other cryptocurrencies has surpassed that of the top digital asset. But since early April, the Altcoin Season Index—which compares these cryptocurrencies’ performance to bitcoin—has fallen from 59 to 39, indicating that an altcoin season is unlikely to occur very soon.
This season, a number of altcoins have outperformed bitcoin in recent gains, but “altcoin season” is still elusive.
In fact, a lot of influencers have been predicting that the much-discussed “altcoin season” will arrive soon, but it hasn’t shown up in a while. According to blockchaincenter.net’s Altcoin Season Index, 75% of the top 50 currencies must have outperformed BTC during the preceding season, which lasted for about 90 days, in order for an altcoin season to start.
A season that is favorable to alternative digital currencies begins when the index reaches a level of 75 or higher. There appeared to be a brief period in the first week of March 2024 when altcoin season appeared, but it quickly faded. In January 2024, the index experienced a minor gain once more, rising above 75. This particular show ran a little bit longer thanthe incredibly fleeting peak in March.
But even if the price of Bitcoin has dropped since the beginning of April, the index shows that the score has drastically decreased from 59 to 39, making the much-anticipated altcoin season appear even further off. The meme coin WIF led the list of the twelve or more altcoins that have outperformed BTC, with an astounding 766.9% gain against the US dollar during the previous season.
FLOKI increased by 542% throughout the 90-day period, whereas PEPE increased by 597%. The value of CORE increased by 362%, while AR increased by 271%. Remarkably, triple-digit gains were made by roughly 10 of the nineteen cryptocurrencies that outperformed BTC over this period. However, as stated clearly on blockchaincenter.net’s Altcoin Season Index, “it is not altcoin season.”
Regarding the Altcoin Season Index and its current state, what are your thoughts? Please feel free to discuss this topic in the comments area below.