- Ah, the altcoins, those fickle creatures, struggle beneath the weight of Bitcoin‘s dominance, yet some analysts, with a glimmer of hope in their eyes, dare to dream of a potential comeback.
- Alas! The altcoin season index has plummeted to a dismal 17 — a signal that suggests a possible reversal, or perhaps just a cruel joke played by fate.
As the altcoins bleed profusely, one must wonder: is there a glimmer of hope amidst this chaos? 🤔
CoinMarketCap’s altseason index has sunk to a woeful 17 — a far cry from the levels that signify a healthy altcoin cycle. It seems the market has taken a rather unfortunate turn.
With a staggering $600 billion wiped from existence and altcoin capitalization down 38% from its all-time high, the atmosphere is as grim as a rainy day in a Turgenev novel. Yet, some analysts refuse to throw in the towel, clinging to their dreams like a moth to a flame.
Could this be the market bottom that altcoins have been crawling toward, or merely a brief intermission before the next flush? Only time will tell.
Altcoins hit multi-month low
CoinMarketCap’s Altcoin Season Index has plunged to 17 at press time, signaling a deep dive into Bitcoin season territory. 🥴
Only 17 out of the top 100 altcoins have managed to outperform Bitcoin over the last 90 days, while the total altcoin market cap has shed a staggering $600 billion — down 38% from its glorious $1.64 trillion all-time high.
In a twist of fate, BlockchainCenter’s index has also dropped to its lowest level since October 2024. Interestingly, that prior dip was followed by a sharp altcoin rebound, suggesting that history may be preparing to repeat itself — or perhaps just play a cruel trick on us all.
While the current trend reflects a risk-off sentiment and Bitcoin’s dominance, seasoned traders note that such low altseason readings often precede strong altcoin rotations. Caution reigns supreme, yet contrarian signals are quietly building, like a storm brewing on the horizon.
What experts have to say
Market watchers find themselves divided on the implications of the current altcoin season index plunge. Binance founder CZ, in a moment of candor, acknowledged the challenge of outperforming Bitcoin in this climate, calling the metric a “tough ranking system,” and adding,
“50 is probably a really good score.”
Others, however, are more skeptical of a comeback altogether. Ki Young Ju, CEO of CryptoQuant, believes the classic altseason model may be outdated, stating,
“Bitcoin-driven crypto asset rotations have effectively ended with regulations and institutional adoption. New capital would flow through stablecoins or widely adopted altcoins – nothing like a traditional altseason.”
Is altseason still on the table?
Recent data from Alphractal reveals that just 1 out of 57 tracked altcoins has managed to outperform Bitcoin over the past 72 hours — a stark reminder of the current downturn.
The Altcoin Season Index has plunged deep into “Bitcoin Season” territory, while the percentage of outperforming altcoins hovers near record lows. It’s almost as if the altcoins are playing hide and seek, but forgot to hide! 😅
Yet, some analysts remain hopeful. Joao Wedson, CEO of Alphractal, believes that an altcoin season is on the horizon, citing exhaustion in large-cap selling and the likelihood of small-cap pumps. If historical extremes are anything to go by, a reversal may be due — but for now,
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2025-03-12 06:20