According to the Altcoin Season Index (ASI) hosted on blockchaincenter.net, the much-talked-about Altcoin Season might be closer than many anticipate. Altcoin Season is a phase in the crypto market where alternative digital assets (altcoins) outshine bitcoin (BTC) in terms of price growth and market dominance. During these times, investors often turn their attention to altcoins, lured by the promise of bigger returns.
As of Nov. 24, 2024, the Altcoin Season Index hosted on blockchaincenter.net stands at 39.
While the ASI suggests it’s still bitcoin’s moment to shine, the indicator has been creeping toward the tipping point. To hit Altcoin Season, 75% of the top 50 coins must outperform BTC over the past 90 days (a season). As of Nov. 21, the ASI score stood at 25, but by Nov. 23, it climbed to 45 out of 100. A score above 75 marks Altcoin Season, a feat the market hasn’t seen in full swing since the 2021 bull run. The following day, on Nov. 24, the score slipped from a 45 to a 39. With a score of 39 several crypto assets have outshined BTC this season.
Bitcoin has climbed 66.1% over the past 90 days, but the spotlight belongs to XLM, which shot up an impressive 459.3%. Hot on its heels, DOGE gained 345.5%, OM rallied 332.2%, and SUI jumped 297.9%. ADA also saw a hefty boost at 211.3%, while HBAR climbed 190.6%. Meanwhile, XRP and BONK rose 167.8% and 160.7%, respectively, with PEPE and CRO following closely at 159.9% and 152.9%. Alongside these altcoin gains, chatter about their performance is reaching a boiling point on social media platforms like X.
As the Altcoin Season Index moves closer to its critical threshold, it beckons a pivotal shift in the cryptocurrency market that may well determine the strategic allocations of investors and traders for months to come. Should the ASI score surpass the 75 mark, a new era of altcoin predominance could unfold, reshaping trading patterns reminiscent of the frenzied 2021 bull run. The dynamic growth of altcoins like XLM, DOGE, and OM not only highlights their potential as formidable contenders in the crypto space, but also highlights a broader market readiness for diverse investment avenues beyond bitcoin.
