- The altcoin seasonal index also indicated a slowed altcoin rally.
- All top altcoins have fallen victim to price corrections in the recent past.
The crypto market witnessed some volatility in the past week, but towards the negative side. While some expected an altcoin season to arrive, the latest data showed that investors may have to wait longer for that to happen.
In fact, investors may not see an altcoin summer until 2025.
Bitcoin continues to dominate
Alpharactal, a popular data analytics platform, recently posted tweet reveal an important update. According to the tweet, only a small number of altcoins have outperformed Bitcoin [BTC] in the past 30 days.
Generally, when BTC rises and stabilizes, some altcoins stand out.
However, over the 90-day period, there is still no sign of an altcoin season in this cycle. Meanwhile, Bitcoin’s dominance continued to rise. This increase was justified given the disappointing performance of most altcoins.
While Bitcoin has fallen slightly in the short term, altcoins have fallen even further, supporting the prediction that Bitcoin will continue to gain market share.
In just one week, BTC’s dominance increased by 1%, and at the time of writing, it was worth more than 56%.
Source: CoinStats
Apart from this, the AMBCrypto analysis showed that the altcoin seasonal index had a value of 27. For starters, it is considered a Bitcoin season if the metric has a value close to or below 25.
Rather, an alts season is when the stat reaches 75. All of these aforementioned data sets clearly suggested that it would take longer for an altcoin season to arrive.
Source: Blockchaincenter
How do the best altcoins do?
To check if alts could start a rally, AMBCrypto assessed the states of Ethereum [ETH], BNBAnd Solana [SOL].
According to an analysis of Santiment’s data, ETH’s weighted sentiment fell last week, indicating a rise in bearish sentiment.
Surprisingly, despite the price drop, BNB’s weighted sentiment remained high. A similar increasing trend was also observed on the Solana map. This suggested that investors had confidence in BNB and SOL, and expected a price increase soon.
Source: Santiment
We then checked each of the derivative metrics of this altcoin. Interestingly, BNB and SOL weighted sentiment rose. Their long/short ratios fell, according to Coinglass’ facts.
Read Ethereum [ETH] Price prediction 2024-25
A decline in the measure means there are more short positions in the market than short positions, which is bearish. On the contrary, ETH’s long/short ratio recorded a sharp increase, indicating a possible price increase.
Source: Coinglass