news.bitcoin.com
Over the past 90 days, while bitcoin has shown steady performance, 19 other cryptocurrencies have outpaced the leading digital asset in terms of price growth. However, the Altcoin Season Index, which measures the performance of these cryptocurrencies against bitcoin, has dropped from 59 to 39 since early April, signaling that an altcoin season is unlikely to materialize in the near future.
Several Altcoins Outshine Bitcoin in Recent Gains This Season, But ‘Altcoin Season’ Remains Elusive
Indeed, many influencers have suggested that the often-discussed ‘altcoin season’ is just around the corner, yet it has failed to appear for a considerable period. The Altcoin Season Index, provided by blockchaincenter.net, specifies that for an altcoin season to occur, 75% of the top 50 coins need to outperform BTC over the previous season, which is roughly 90 days.
The index assigns a score and a reading of 75 or above signals the onset of a season favoring alternative digital currencies. In the first week of March 2024, there was a fleeting moment when altcoin season seemed to emerge, but it vanished almost immediately. Another slight increase in the index occurred in January 2024, reaching above 75. This specific episode lasted somewhat longer than the very transient spike in March.
However, since the beginning of April, the index indicates that although BTC’s price has fallen, the index score has significantly declined from 59 to 39, making the much-anticipated altcoin season seem even more distant. Among the dozen-plus altcoins surpassing BTC, the meme coin WIF topped the list with an impressive 766.9% gain against the U.S. dollar over the last season.
PEPE followed with a 597% increase over the 90-day period, while FLOKI rose by 542%. CORE’s valuation soared by 362%, and AR climbed 271%. Notably, about ten of the 19 altcoins that outdid BTC achieved triple-digit gains during this timeframe. Nevertheless, blockchaincenter.net’s Altcoin Season Index explicitly states that “it is not altcoin season.”