During October we have seen an excellent performance of Bitcoin, and after reaching a new ATH the altcoins were negatively affected, as a large part of the gains migrated to BTC. However, the statistics of the Altcoin Season Index still follow in favor of alternative cryptocurrencies, and this is because Bitcoin still does not exceed the gains of other tokens on the market.
Even so, at this moment the indicator is somewhere in the middle after fluctuating between 25 and 75 points. So, there is no season confirmation in favor of BTC or altcoins. However, we can make an estimate for what is in store for us in the coming days of the year. Without first forgetting that these are the data thrown by the indicator at the beginning of the writing:
Altcoin Season Index October. Source: Blockchain Center.
It should be noted that since August 24 we have seen a strong rebound in the indicator from 24 to 69 points. However, a little later, with the last rally of Bitcoin from 50K to its new ATH, the indicator fell below 39 points, and later, with the gains of some altcoins, 65 points were reached.
Altcoin Season Index analysis for November
Despite Bitcoin’s rally that allowed it not to decrease its dominance by more than 40%, the Altcoin Season Index suggests that November will be a month in favor of alternative cryptocurrencies. Since, large rallies and new ATHs have been registered in different tokens; most come from projects for NFTs, video games, memes, and the like.
Some of the most prominent altcoins in the Altcoin Season Index are:
FTM leads, registering a gain of 1,350.5% in the last 90 days. SHIB is positioned in second place registering 685.3% in the last 3 months. SOL or Solana with 660.5% in 3 months. Among others .
As the indicator suggests, to be considered altcoin season, 75% of the main tokens on the market must register a higher percentage of profits than Bitcoin. However, the indicator is located at 65 points, since BTC has also had a significant rebound; leaving behind various cryptos in terms of profit.
Altcoin Season Index Year. Source: Blockchain Center.
Despite BTC’s rally, this does not determine that the indicator will fall below 25 points. On the other hand, one aspect that we must consider is the possibilities that Bitcoin follows the Stock to Flow (S2F) model, which if it does so could end the year above $ 100,000, making the year end in favor of the queen. of cryptos.
The information in this content should be taken for informational purposes only, not in any way intended to encourage the purchase / sale of financial assets.