Bitcoin Maintains Lead as Altcoin Season Index Falls Sharply
Since mid-July, the Altcoin Season Index (ASI) has dropped from a high of 46 to a low of 24, indicating that altcoin season is not imminent.
An ASI score of 75 or above signals altcoin season, but scores below 75 suggest that bitcoin (BTC) remains dominant. Bitcoin has continued to outperform altcoins, with its value increasing by 20.4% over the past two weeks compared to ethereum’s (ETH) 16.2% rise. This trend highlights that despite the upcoming listing of spot ethereum ETFs, bitcoin’s dominance persists.
The sustained low ASI score reflects a market favoring bitcoin, pushing the prospect of altcoin gains further into the future. Bitcoin has maintained its strong performance, rising 7.1% in the last week alone, while ETH has shown more modest growth.
With the smart contract token economy currently valued at $724.05 billion and Toncoin (TON) leading with a 193.2% increase over the past 90 days, the crypto landscape remains tilted towards bitcoin, suggesting a delayed resurgence for altcoins.
Clever Robot News Desk 23rd July 2024
