🔥🔥 Start of Altcoin season?🔥🔥🚀🚀
🚨Look ‼️The Altcoin Season Index‼️
⚠️⚠️⚠️Altcoin Season Index surges 59% as Ethereum price crosses $3,400 mark
The cryptocurrency market saw a notable change, with the altcoin season index rising 10 points overnight, hitting 59%. Despite this increase, the index remains below the 75-point threshold required to signal a true altcoin season.
Index reflects renewed interest in altcoins
The Altcoin Season Index tracks the relative performance of altcoins versus bitcoin over a period of time, with higher values suggesting stronger altcoin dominance. The recent rise in the index indicates increased investor interest in cryptocurrencies other than bitcoin. Market analysts attribute this trend to capital turnover, with traders seeking higher returns in altcoins following bitcoin's recent rise.
Ethereum (ETH), a key player in the altcoin market, rose above $3,480, boosting market sentiment. Additionally, other major altcoins, including Solana (SOL) and Cardano (ADA), posted gains, signaling broader market enthusiasm. However, the current level of the index suggests that although altcoins are gaining ground, the market has not yet entered a true altcoin season.
The decline of bitcoin and market dynamics
Bitcoin, which dominated the market for most of 2024, is experiencing a temporary setback from its record highs. This situation allowed altcoins to regain market share. Experts note that the current level of the index reflects mixed sentiment, with investors cautiously balancing their portfolios between bitcoin and altcoins.
The increase in the altcoin season index signals a potential shift in market dynamics, but a true altcoin season remains elusive. Investors are watching closely to see if the index crosses the critical 75-point mark, which would signify a sharper move toward altcoin dominance.$ETH $SOL
