Altcoin Season Index Plunges to 38 as Bitcoin Dominance Continues
The Altcoin Season Index has dropped to 38, indicating that Bitcoin is currently dominating the market. This index, developed by CoinMarketCap, tracks the price performance of the top 100 cryptocurrencies against Bitcoin over a 90-day period.
When fewer than 75% of these coins outperform Bitcoin, it's considered 'Bitcoin season'. Conversely, when 75% or more of them beat Bitcoin, it signals an 'altcoin season'. A reading closer to 100 indicates a strong altcoin season, while a reading near zero suggests Bitcoin dominance.
The current index reading aligns with recent market trends, where Bitcoin has maintained a steady price range while many altcoins have experienced sharper corrections. This could be due to macroeconomic factors or shifting investor preferences.