It has been months since the discussion over whether crypto markets are in Bitcoin Season, or Altcoin Season is on its way. The price of Ethereum during the last few days was one reason for this. LUCIE’s Shiba inu marketing lead. recently touched on This article will share insights into the current state of the market, the future outlook for altcoin seasons, and the timing to look out for a possible breakout on the Altcoin Season Index.
Altcoin Season Index Shows Bitcoin’s Dominance
There are many traders and analysts have been closely watching The Altcoin Season Index is increasing, as news and posts increase on social media platforms X in anticipation of a possible market-wide movement. favor altcoins against Bitcoin. Despite the fact that the current market tilts towards Bitcoin, changes are beginning to appear, with Ethereum approaching $4,000 in price.
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The Altcoin Season Index from BlockchainCenter.net, which was also shared by Shiba Inu’s marketing lead, the index is currently standing at 39, well below the 75 threshold required to confirm altseason. The data provided by BlockchainCenter.net indicates that this index is hovering around the 39 level after rising from lower levels in earlier months of the year. The chart shows that despite the recent growth from Ethereum and XRPBitcoin continues to dominate the overall market capitalization.
Currently the dominance of Bitcoin is around 61%. That’s above the 60 percent level which signals that altcoins have room to grow. Interstingly, the dominance of Bitcoin has dropped from 64.3% three weeks prior.
Lucie attributes this decrease in Bitcoin dominance, to the alt momentum that is slowly growing across different sectors. This includes major altcoins as well as meme-based project. The gradual accumulation, Lucie suggested, may be a phase of accumulation. It’s a pattern we see in August that is usually seen just before altcoins rally.
Watch September for a Possible Breakout
However, the readings are not accurate. confirm that it is still Bitcoin SeasonLucie is convinced that the conditions are already in place for altcoins to break out next month. A drop in BTC dominance combined with a rise in the Altcoin Season Index to above 75 will officially signal the change. Now, all eyes will be on the breakout. Lucie, in particular, noted that a move decisive could be made by the end of September. could ignite a true altseason.
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According to Coinmarketcap, at the time this article was written, Bitcoin had a market share of 60.0%. Ethereum’s market share is 12.2%. Altcoins dominated the market last in December 2024 when the Altcoin Season Index reached a high of 88. Bitcoin is still in control. The most recent attempt at pushing the index up to a reading of 59 on July 21, 2024, failed.
Chart from Tradingview.com, image via Getty Images
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Source: www.newsbtc.com
