The Altcoin Season Index has reached its highest level since July amid renewed bullish sentiment across the crypto market.
However, this index needs to reach 75 for an altcoin season to be confirmed. While this is yet to happen, the metric has been on a gradual rise, given that at the start of the month, it stood at 18.This data shows that sentiment towards altcoins is turning positive, but for this index to push above 75, altcoins need to extend their gains.This ratio had bounced back to above 0.04 at press time showing that ETH had made slight gains against Bitcoin. However, it remains at yearly lows.
A look at the top 50 performance in the last 90 days also shows that a majority of altcoins are still in the red, with the top gainers beingWill DeFi and NFT boom usher in altcoin season? The decentralized finance and non-fungible token industries play a role in influencing altcoin performance. These two industries have witnessed significant growth this week., the Total Value Locked across the DeFi industry has increased by more than $10 billion in two weeks and stood at $85 billion at press time.
While these factors are making the case for an altcoin season, Bitcoin’s dominance remains at high levels. Bitcoin currently controls 54% of the cryptocurrency market per The rise in BTC’s dominance could be attributed to Ether’s underperformance, with the largest altcoin’s dominance falling from 18% in early 2024 to 14% at press time.Mary is a seasoned crypto news writer passionate about blockchain technology, digital assets, and Web3. She has two years of experience delivering insightful analysis and news on key developments in the industry. She specializes in on-chain metrics, market behavior, industry insights, and technical analysis.
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