Bitcoin Miners May Trigger Altcoin Season – But We’re Not There Yet
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Just 15 of the top 50 cryptocurrencies by market value have outperformed bitcoin over the past 90 days. The Altcoin Season Index gauges the temperature of digital asset markets by separating sentiment into two heady modes: bitcoin and altcoin. The index serves as an effective tool for mapping where investors’ heads are at when it comes to diversifying away from the blue chips. The most recent prolonged altcoin season occurred in 2021, when BTC was hovering around $60,000 before collapsing 40%, to $34,000. But the trend seems to be changing in the near term, given the specific pressures on miners and the emergence of ‘altcoins’ that have their own market cycles, said Blockworks Research analyst Ryan Swanson. Source