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.
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.
Bitget officially launched pre-IPO access to OpenAI via its IPO Prime platform which deepens their…
Tether's presence in decentralized tech space is growing due to the launch of its developer…
While challenges remain, the decentralized finance sector is moving forward, and Huma Finance's exploit serves…
Chainlink is continuing its mission to be the most widely integrated infrastructure in crypto, adding…
A vulnerability in one of the core DeFi protocols on Sui Network exposes the ecosystem…
Polygon has made a big move in cementing its mission as one of the leading…