Altcoin season indicator: Do the signs point to an altcoin wave?

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The altcoin season indicator showed a reading of 31 at press time, signaling Bitcoin season is closer at hand than an alt season.

could break free of its torpor soon. At the beginning of this week, the price was at $67.7k, and the lack of trading volume and speculative interest suggested that BTC was not ready for a strong uptrend.This has begun to shift over the past 24 hours. Data from Farside Investors showed that the Bitcoin exchange-traded funds saw a $886 million inflow on Tuesday, the 4th of June.

At press time, even though alts might perform well due to the Bitcoin bullish fervor, only a few select alts might outperform Bitcoin. If the altcoin season indicator can climb above 75, it’d be a sign of wild bullishness across the altcoin ecosystem. Given that there are far more alts right now compared the previous cycles, the gains during an altseason might still be concentrated within a chunk of the alts rather than market-wide rallies.The Bitcoin Dominance chart represents the market capitalization of BTC as a percentage of the total crypto market cap. The metric formed a range between 53.9% and 56.3% since April.

At press time, it was rebounding from the range lows. An increase in the BTC.D means BTC is growing faster than the rest of the market,In 2021, from January to June, the BTC dominance fell from 72% to 40.4%. In this window, the altcoin market capitalization expanded from $122 billion to $934 billion.Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017.

 

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