Over the last 90 days, 15 of the top 50 altcoin projects have managed to outperform Bitcoin (BTC). This development has led to expectations among investors that altcoin season is approaching. The question of whether altcoins will surpass Bitcoin will become clear in the coming weeks. Investors are closely following the new developments to be made this week. Here are the details...
Altcoin Season Index Rises, But Bitcoin’s Dominance Continues
According to data shared by Blockchaincenter, the Altcoin Season Index has now reached the level of 31. A few days ago, this level was below 25, but for a real altcoin season to begin, this index needs to rise to the level of 75. This means that 75% of the top 50 cryptocurrencies, excluding Bitcoin, need to outperform BTC. So, is this possible?
Currently, 15 altcoins have managed to outperform Bitcoin. This means that approximately 30% of altcoins have outperformed BTC. Projects such as Sui (SUI), Fantom (FTM), Uniswap (UNI), and Dogecoin (DOGE) are among the altcoins leading this rise. Although altcoins have lagged behind Bitcoin in recent weeks, this increasing index value suggests that altcoin season may be very close.
Will Bitcoin Dominance Delay Altcoin Season?$BTC
Bitcoin’s market dominance has a huge impact on when the altcoin season will begin. Following the US presidential election, Bitcoin reached a new high of over $76,000, bringing BTC’s market dominance to 60.61%.
In order for the altcoin season to truly begin, Bitcoin’s dominance rate needs to drop. In the current situation, although the possibility of an altcoin season has strengthened, Bitcoin still determines the market direction. Therefore, it can be said that investors should carefully monitor the changes in Bitcoin dominance.
Altcoin Market Breaks Through Major Resistance
Despite Bitcoin’s strong dominance, the total market cap of altcoins (TOTAL2) managed to break through a key resistance level. TOTAL2 represents the total market cap of the top 100 cryptocurrencies excluding Bitcoin. A breakout of this indicator could be a sign that altcoins are starting to rally.
While the descending triangle formation is generally considered a sign of a downtrend, this breakout could signal that altcoin season is approaching. If TOTAL2 rises above $1 trillion, a positive outlook for altcoins can be expected to initiate a stronger rally once confirmed.
When the altcoin season will begin and how Bitcoin's dominance will affect this process will become clear in the coming weeks, and investors will be watching these developments carefully.
