Topic: [2024-08-24] Bitcoin’s Reign Unchallenged: Altcoin Season Continues ... (Read 81 times)

Bitcoin’s Reign Unchallenged: Altcoin Season Continues to Fade Into Obscurity

Market data reveals that bitcoin’s market capitalization now stands at 56%, representing a 47.36% growth since Nov. 2022. Although the crypto markets have been showing positive trends this week, the likelihood of an ‘altcoin season’ remains quite slim. This is evidenced by blockchaincenter.net’s Altcoin Season Index (ASI), which currently sits at a low score of 22 out of 100.

Ethereum and Altcoins Lose Ground as Bitcoin Tightens Its Grip

The ASI evaluates the performance of the top 50 cryptocurrencies (excluding stablecoins and asset-backed tokens) over a 90-day period, referred to as a “season,” and compares them against bitcoin’s performance. If 75% or more of the top 50 altcoins outperform bitcoin during these 90 days, it’s dubbed an “altcoin season.” However, if fewer than 75% of the top 50 altcoins surpass bitcoin, it’s classified as a “bitcoin season.”

With a score of 22, altcoin season is still a distant dream, far from reaching the 75% mark needed to kick it off. The index has been sliding downward since Mar. 2024. Despite this, some altcoins have experienced impressive growth over the past three months, with sun token (SUN) taking the lead with a 187.63% increase in just 90 days. Right behind it, TON’s notcoin (NOT) saw a 131.71% rise this season.

Meanwhile, bitcoin’s dominance has been on the rise. With the crypto economy currently valued at $2.26 trillion, BTC’s market share has climbed to 56%. Ethereum (ETH) holds a 14.7% share today. As bitcoin’s dominance strengthens, the likelihood of an altcoin season diminishes. While certain altcoins have posted significant gains, the overall market trend continues to favor bitcoin, solidifying its status as the top digital asset in the current crypto landscape.

Source: https://news.bitcoin.com/bitcoins-reign-unchallenged-altcoin-season-continues-to-fade-into-obscurity/