In early December 2023, a multitude of cryptocurrency enthusiasts eagerly anticipated the possible onset of altcoin season. Reporting on this trending topic at the time, Bitcoin.com News referred to blockchaincenter.net’s Altcoin Season Index, which rated a 47 out of 100.
This indicated that as of Dec. 9, 2023, it wasn’t yet altcoin season, at least based on the index’s assessment. Today, however, the narrative painted by the measurement is entirely different.
A preserved snapshot from blockchaincenter.net’s index on Jan. 14, 2024, clearly declares “it’s altcoin season.” The index is positioned at 76 out of 100, with any score above 75 signaling an altcoin season.
While altcoin season has officially flashed according to the index, blockchaincenter.net’s tool also details that it is not altcoin month nor is it an altcoin year.
This level was last observed at the close of August 2022 and continued until the end of September that same year. According to the index’s methodology, when 75% of the top 50 leading crypto tokens surpass bitcoin (BTC) in performance over 90 days (a season), it is officially considered altcoin season.
Altcoin season also took place from the end of March 2021 to mid-June 2021 as well. The leading assets that have outperformed BTC during the season include ORDI, SEI, INJ, SOL, ICP, AVAX, IMX, NEAR, and a large handful of others.
ORDI’s 2,067% gain and SEI’s 558.5% gain have outshined BTC by a long shot. In addition to the altcoin season index, ETH’s market dominance has risen in recent times. Currently, on coinmarketcap.com, ethereum (ETH) holds an 18% dominance rating, with bitcoin (BTC) at 49.8%.
Meanwhile, on coingecko.com, ETH is at 17.2% and BTC is at 47.5%. The altcoin season’s flash signal is a trending topic on social media, marking the first time in an extended period that the index has indicated such a trend.
The burning questions now are: how long will this last, and will bitcoin’s ascent pause or take a backseat amidst significant altcoin market fluctuations? Alternatively, this current altcoin season could fizzle out fast and fail to meet expectations.
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