The value of 40 of the top 50 altcoins on the market has appreciated against Bitcoin in the last 90 days.
The cryptocurrency market has been experiencing a lot of volatility, especially after the approval of Bitcoin spot ETFs in the United States.
Although it was believed that this news would positively impact the price of the leading cryptocurrency in the short term, the truth is that Bitcoin has corrected more than 16%, since the SEC gave the go-ahead to these crypto-based investment instruments, last January 10.
Meanwhile, the altcoin segment has been marking a general bullish trend, which for many means that we are in a new Altseason or altcoin season.
Are we in the middle of an Altseason?
Yes, according to data from the Blockchain Center platform, the altcoin season has arrived in the cryptocurrency market.
This means that, according to the platform, More than 75% of the top 50 cryptocurrencies on the market have appreciated against Bitcoin, outperforming the leading cryptocurrency by market cap over the past 90 days.
The Altseason index used by the platform indicates that it is altcoin season.
The volatility that the crypto market has experienced in recent months has created a favorable scenario for the development and consolidation of altcoins, which outperform Bitcoin and are attracting greater attention from users and investors in the sector.
According to experts, several factors such as increased innovation and diversification in cryptocurrency projects, growing adoption of blockchain technology across various sectors, improved regulation and security, and increasing demand and supply of crypto assets have been influencing the growth of altcoins.
The experts comment that in the coming months, it is possible to see further rise and growth in many altcoins and emerging cryptocurrencies, before Bitcoin can break key levels and set new highs.
What are altcoins?
Altcoins are cryptocurrencies that emerged after Bitcoin, with the aim of offering different or improved features to the leading cryptocurrency.
Some of the best-known altcooins or alternative cryptocurrencies are Ethereum, Dogecoin, Litecoin, Ripple, Cardano, Polkadot, Solana, Polygon y Avalanche. However, many of the new alternative cryptocurrencies, such as Celestia, Sui Network y Computer, have gained great relevance in the crypto market in recent months.
Although all altcoins have a smaller market cap than Bitcoin, many of them have outperformed in recent months.
According to data from Blockchain Center, 40 of the top 50 alternative cryptocurrencies in the crypto market have appreciated against Bitcoin over the past 90 days.
Experts comment that historically, when the price of Bitcoin stagnates or declines, cryptocurrency investors and traders begin to look for more profitable alternatives in altcoins, which leads to greater demand for these assets and an increase in their value. This is what is known as a Altseason, or altcoin season.
To measure whether or not we are in an Altseason, the Blockchain Center platform uses tools that analyze the behavior of cryptocurrencies in the market and compare their performance. The platform's index is based on the premise that if 75% of the top 50 cryptocurrencies performed better than Bitcoin over a 90-day period, then it is altcoin season.
The platform excludes stablecoins from its index, such as USDT, USDC, DAI, among others, as well as tokens wrapped or backed by other cryptoassets, such as WBTC, stETH and cLINK.
Continue reading: Altseason: What is altcoin season?
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