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The crypto market is under Bitcoin dominance, as reflected in the Altcoin Season Index recorded by CoinMarketCap. On November 23, 2024, at 00:30 UTC, the index stood at 32, well below the threshold of 75 required to signify an Altcoin Season.
The Altcoin Season Index measures the performance of the top 100 crypto assets (excluding stablecoins and wrapped tokens) against Bitcoin over a 90-day period. A score below 25 indicates Bitcoin Season, while a reading above 75 signifies Altcoin Season.
For the market to enter Altcoin Season, at least 75% of the top 100 coins must outperform Bitcoin during the specified timeframe.
The Altcoin Season Index has fluctuated throughout the year, reflecting shifts in market momentum.
- November 22: Score of 28
- One week ago: Score of 41
- One month ago: Score of 37
- April 9, 2024: Peaked at 50, the year’s highest point
- September 3, 2024: Dropped to its lowest score of 13
The current index of 32 highlights Bitcoin’s continued strength, despite a slight rise in altcoin performance compared to earlier readings.
Altcoins Gain Momentum as Bitcoin Nears $100K
Bitcoin is trading close to $100,000, with analysts identifying resistance around $125,000. A breakthrough could trigger FOMO (fear of missing out) and push Bitcoin’s price to as high as $315,000.
Meanwhile, the total altcoin market cap is approaching $492 billion, and a surge above this level could ignite significant FOMO among altcoin investors.
Read also: Altcoin Season Index Retreats, Signaling Bitcoin’s Growing Dominance
Crypto analyst ParabolicPump noted similarities between current market trends and those of late 2020, hinting at potential capital rotation into altcoins. If Bitcoin’s dominance declines, the altcoin market could see significant gains, marking the onset of an Altcoin Season.
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