There are always people who want to see the next altcoin seasons kick off. In reality, the chances of that happening like in 2017 are slim to none.
If the Altcoin Season Index is to be believed, it is still quite a long ways away.
No Altcoin Season in Sight
This new tool seemingly tracks the performance of Bitcoin compared to the alternative markets.
More specifically, it keeps track of the top 50 coins ranked by market cap.
Based on their 90-day performance, as estimate is made as to whether or not an altcoin seasons will occur.
The main objective is to see 75% of the top 50 coins move up against Bitcoin.
While that is not impossible to achieve, it will not happen overnight either.
When the value of Bitcoin rises, altcoins often note gains in USD, but losses in BTC value.
As such, a lot of the stars and planets have to align before altcoins can effectively be up against Bitcoin in a convincing manner.
For now, the Altcoin Season Index sits at just 60%.
It needs to reach at least 75% before an official “season” can commence for the alternative crypto markets.
Keeping that in mind, the next few weeks may offer some interesting insights.
It appears that some top market will effectively recover lost gains in BC value.