Altcoin Season Index Hits Near-Low as Total 2 Rises Over 17%
The Altcoin Season Index is heading towards an August close near 29, despite Bitcoin's dominance reaching 60% again. This unusual market picture has created a central question for traders: Is the Altcoin Season Index understating the strength of the current altcoin rotation?
Total 2 rose over 17%, while Bitcoin dominance only slightly increased. The index fell 56% from its early-August peak of 67, putting it just four points away from full Bitcoin season.
However, capital continues to move into cryptocurrencies outside Bitcoin, with Total 2 growing more than eight times faster than the increase recorded in Bitcoin dominance during the same period.
The latest reading resembles conditions seen in mid-May, when the Altcoin Season Index dropped to 22. At that time, altcoins entered a two-month advance while Bitcoin dominance repeatedly struggled around 60%.