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Bitcoin’s performance against the rest of the Cryptocurrency market assets has deepened in recent days. This lagging performance caused the crypto world to enter an increasingly pronounced Altcoin season. Is a bull run coming among altcoins?
According to data from the Blockchaincenter.net index, the altcoin season began a few days ago, when BTC began to lose ground. The altseason is determined by the performance of the major digital currencies in market capitalization in contrast to BTC. Basically, if 75% or more of these tokens outperform Bitcoin in 90 days, then there is an altcoin season.
On the other hand, if only 25% (or less) of these assets perform better, then we can talk about a Bitcoin season. For most of November the index remained neutral, that is, above 25%, but below 75%. When it comes to 2024, neutrality was also the constant.
Despite this, there were short seasons. Thus, at the beginning of the year the first altcoin season occurred between January 14 and 29. Then, on March 6, 75% was exceeded again, but only for one day. On the other hand, between June 6 and September 5, (with an interruption in mid-July) there was Bitcoin season.
Altcoin season seems to deepen during the last few days and reaches 90%. Source: Blockchain Center
The altcoin season seems to have decisive force
As you can see in the image above, this year there were two episodes of altcoin season. Despite this, they were not very consistent, which led to them being short-lived. Meanwhile, the current momentum of altcoins seems solid and is expressed at a formidable 90%.
Another element that reveals the lag of BTC compared to altcoins is shown in dominance. Since reaching the recent peak in this area on November 21 until today, Bitcoin has lost 10.67% of its dominance compared to the rest of the tokens.
To get an idea of the magnitude of this differential in performance, it is enough to say that Bitcoin has a +81.9% performance in 3 months. Although this is a formidable performance, it remains below the push of 90% of the major altcoins. At this point, outstanding cases such as HBAR and its 600% in that period stand out. XLM shows 502% and XRP 410%. As you can see, for altcoin investors this season that has just begun seems promising.
There are still coins that have not yet started, such as Cronos’ CRO, which makes them potential targets for investors. In this group you can also name KAS, BNB and others.
Disclaimer: This work is for informational purposes only and should under no circumstances be taken as an invitation or investment advice. Cryptocurrencies are highly volatile assets and placing capital in them can lead to total losses.
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