Throughout this week, while bitcoin and ethereum have been consolidating, vibrant discussions about the elusive ‘Altcoin Season’ have intensified across forums and social media platforms like X. Some anticipate that a rally among altcoins is on the horizon, even though the Altcoin Season Index still suggests it is “not Altcoin Season.”
Altcoin Season Index Inches Toward Magic 75
“I think that Altcoin Season is about to start any time soon,” claimed the X user ‘Mister Crypto’ on Saturday. This weekend, a significant number of posts on social media have been dedicated to Altcoin Season, a period when bitcoin’s (BTC) surge pauses, allowing a plethora of altcoins to achieve substantial gains. A user on X highlighted blockchaincenter.net’s Altcoin Season Index, which presently registers a score of 55.
“Altcoin Season Index is surging to 55,” an X user named GG wrote. “Buckle up, folks! When it hits 75, it’s fireworks time in the crypto market. Get ready to ride the wave of opportunity and capitalize on the explosive gains! Let’s make some serious profits,” GG’s hopeful social media post added.
Per the Altcoin Season Index, a score exceeding 75 is required to herald the much-discussed ‘Altcoin Season.’ In essence, this season arrives when over 75% of the top 50 cryptocurrencies outperform bitcoin (BTC) during the preceding season (90 days). In fact, the index score jumped from a low of 45 on April 3, to the current 55 mark achieved four days later on April 7.
Furthermore, the crypto analyst operating under the pseudonym Donalt suggests that various altcoins are set to eclipse ethereum (ETH) in performance moving ahead. “Everything down,” Donalt said on April 5. “[Ethereum] down, but [ether] down less. Rejoice ETH holders your time has come (down in USD, up relative to the rest of the sh***ers),” the X account told his 535,800 followers.
The analyst added:
I legit think this is the only way for [ethereum] to go up for a while. Only if everything dumps can [ethereum] outperform. The moment things go up, others will just outshine it massively. Until we get a massive capitulation on [ethereum], then it’ll start leading again probably.
Conversely, several enthusiasts are optimistic that the U.S. Securities and Exchange Commission (SEC) might green-light the proposed spot ethereum exchange-traded funds (ETFs), setting the stage for further ETH advancements against the greenback.
This theoretical scenario also leads to the expectation that such a development could ignite the forthcoming Altcoin Season, enabling various altcoins to emulate ETH’s trajectory by having spot ETFs tied to these cryptocurrencies. Currently, though, the prospects for SEC’s approval of a spot ETH ETF appear extremely bleak.
What do you think about the Altcoin Season Index reaching a 55 out of 100 on April 7, 2024? Share your thoughts and opinions about this subject in the comments section below.
Source: Bitcoin
