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Despite Ethereum ETF Approvals, 'Altcoin Season' Remains Far Off

source-logo  news.bitcoin.com 26 May 2024 17:51, UTC

While the U.S. Securities and Exchange Commission (SEC) has approved several spot ethereum exchange-traded fund (ETF) 19b-4 filings, and ether alongside numerous digital assets have experienced double-digit increases over the past week, the much anticipated ‘altcoin season’ has not yet arrived. In fact, according to the Altcoin Season Index, the likelihood of such a season has diminished over the past 30 days.

‘Altcoin Season’ Remains Elusive Even with Ethereum ETF Greenlight

This week, ethereum (ETH) has increased by over 20% against the U.S. dollar. Additionally, other crypto assets like DOGE, UNI, PEPE, and ETC have seen double-digit gains against the greenback. However, on April 26, 2024, the Altcoin Season Index, featured on blockchaincenter.net, was higher than it is today. For the index to indicate an ‘altcoin season,’ 75% of the top 50 coins must outperform bitcoin (BTC). Last month, the score was 39, while the current score is 35.

Furthermore, the score was 59 four months ago, indicating that the gap has significantly widened. The Altcoin Season Index indicates that it is still “not altcoin season.” Over the past three months, several digital currencies have posted significantly higher gains compared to BTC’s 33.85% increase in the same period. Pepe (PEPE) achieved the highest rise with a 1,009% increase, while dogwifhat (WIF) saw an 818% jump in value.

Despite several tokens achieving double and triple-digit gains far exceeding BTC’s performance, ‘bitcoin season’ remains in full swing. Bitcoin’s dominance level stands at 52.74% of the $2.58 trillion crypto market economy. Nevertheless, following the approval of ether ETF filings, the calls for ‘altcoin season’ on social media have increased. “Altcoin Season is nearing up,” one individual wrote this week. Another added, “Altcoin Season starts now.”

A Twitter account named Cryptonomy claimed that BTC’s dominance was declining and could head toward 45%, “indirectly indicating the proximity of altcoin season.” Unfortunately, the much-anticipated ‘altcoin season’ seems quite distant, and whether people’s hopes and speculations come true remains to be seen.

When do you think altcoin season will start? Do you think we will see an altcoin season? Share your thoughts and opinions about this subject in the comments section below.