Altcoins Soar as Index Points to Seasonal Entry in 2024
The Altcoin Season Index from blockchaincenter.net, a key indicator for predicting the onset of the ‘altcoin season,’ has heralded the time for altcoins.
Recent data reveals that 75% of the top 50 altcoins have outperformed bitcoin in the past 90 days, signaling a significant shift in the cryptocurrency landscape. Initially, in early December 2023, the index rated a 47 out of 100, suggesting that altcoin season was not imminent. However, as of January 14, 2024, the index surged to 76 out of 100, officially declaring “it’s altcoin season,” with any score above 75 indicating such a season.
This marks a significant change from its last observation in August 2022. Notable altcoins, including ORDI, SEI, INJ, SOL, ICP, AVAX, IMX, NEAR, and others, have shown substantial gains, with ORDI boasting a remarkable 2,067% increase. Concurrently, Ethereum’s market dominance has risen, holding 18% on coinmarketcap.com. The prevailing question now is the duration of this trend and whether bitcoin’s trajectory will be impacted by the considerable fluctuations in the altcoin market. The cryptocurrency community eagerly anticipates how this altcoin season will unfold and whether it will meet or defy expectations.
Clever Robot News Desk 15th January 2024
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