- The Altcoin Season Index of 32 signifies that Bitcoin is at present dominating the market.
- The slight improve in altcoin efficiency means that market dynamics could change.
- As Bitcoin approaches $100,000 and altcoin market cap approaches $492 billion, alt season may start.
The crypto market is dominated by Bitcoin, as mirrored within the Altcoin Season Index tracked by CoinMarketCap. As of 00:30 UTC on November 23, 2024, the index stood at 32, nicely under the required threshold of 75 to point altcoin season.
The Altcoin Season Index measures the efficiency of the highest 100 cryptoassets (excluding stablecoins and wrapped tokens) relative to Bitcoin over a 90-day interval. A rating under 25 signifies a season for Bitcoin, and a price above 75 signifies a season for altcoins.
For the market to enter altcoin season, not less than 75% of the highest 100 cash should outperform Bitcoin throughout the specified interval.
The altcoin season index fluctuates all year long, reflecting adjustments in market momentum.
- November 22: Rating 28
- 1 week in the past: Rating 41
- 1 month in the past: Rating 37
- April 9, 2024: Reached this yr's excessive of fifty
- September 3, 2024: Lowest rating of 13
The present index of 32 highlights Bitcoin's continued power regardless of a slight improve in altcoin efficiency in comparison with earlier measurements.
Altcoins achieve momentum as Bitcoin approaches $100,000
Bitcoin is buying and selling close to $100,000, with analysts figuring out resistance close to $125,000. A breakthrough may set off FOMO (concern of lacking out) and ship Bitcoin's worth to $315,000.
In the meantime, the altcoin market cap is approaching $492 billion, a stage that would trigger important FOMO amongst altcoin traders.
Additionally learn: Altcoin seasonal index declines trace at Bitcoin’s rising dominance
Cryptocurrency analyst Parabolic Pump identified similarities between present market developments and market developments within the second half of 2020, suggesting the potential for capital rotation into altcoins. If Bitcoin's dominance declines, the altcoin market may see a big rally, marking the start of altcoin season.
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