Bitcoin’s price has seen a significant drop recently, losing a critical support level and causing Bitcoin dominance to slip. The price is currently around $58,000 after falling below $60,000. Bitcoin dominance, which was on an uptrend since the beginning of the year, has now fallen to 54.70%. This decline has led some to believe that the altcoin season may have begun, but the reality is different. Despite Bitcoin’s fall, most altcoins in the market also saw a decline, with only a few managing to outperform Bitcoin.
The performance of the top 50 non-stablecoin altcoins shows that only seven tokens made gains, with 13 managing to outperform Bitcoin. However, for the altcoin season to truly begin, at least 38 out of the 50 tokens should perform better than Bitcoin. With the current scenario, it seems like the market still has some time to go before the altcoin season kicks off. The Altcoin Season index indicates that Bitcoin season is currently active, with the index at 24. An index value above 75 signals the start of the Altcoin season, which could take a few months. Based on previous market trends, the shift from Bitcoin to Altcoin season could take about three months, suggesting a possible start by early October.
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In conclusion, despite Bitcoin’s recent price decline and the hopes of the altcoin season beginning, the market still has some way to go before a significant shift is observed. The current performance of altcoins indicates that most are still struggling to outperform Bitcoin, which is essential for the start of the altcoin season. Investors should continue to monitor market conditions and conduct thorough research before making any investment decisions. The Altcoin Season index suggests that the market could see a shift in the next few months, potentially signaling the beginning of the altcoin season by early October.
