To officially begin the alt season, at least 70% of the coins must outperform BTC, but it's only 6.
Bitcoin’s dominance has been on the rise lately, which could delay the arrival of altcoin season. For altcoin season to officially begin, at least 70% of the coins must show a better performance than BTC, but currently, only 6 coins are outperforming Bitcoin.
At the time of writing, Bitcoin’s dominance stands at 56.8%, having reached a peak of 57.7% last week. This surge in dominance has put a halt to the anticipated altcoin rally.
As per the BTC Dominance chart, the breakout from a symmetrical triangle led to a surge in the dominance, which has been on the rise ever since.
This surge has limited the bullish momentum of altcoins, leading to only 6 coins showing significant growth by outperforming Bitcoin.
6 Top Performing Altcoins At Present
A glance at the 90-day performance chart of the Top 100 crypto assets reveals that only Kaspa, AAVE, Ripple (XRP), Monero (XMR), TON, and Tron (TRX) have managed to achieve this feat.
Kaspa’s 90-day performance stands at 32.7%, followed by AAVE at 24.1%, XMR at 9.5%, XRP at 7.7%, TON at 5.6%, and TRX at 4.7%.
Altcoin Season Put On Hold
The Altcoins Season Index reveals that the value remains below 25, while 75 is required to officially kick-start the season. With Bitcoin’s dominance remaining strong, the commencement of altcoin season appears to be delayed.
This indicates that altcoins like Ethereum, BNB, and other major ones will have to wait longer for bullish periods and new all-time highs.
The anticipation for this occurrence in Q3 2023 is now over, leaving hopes for Q4 to bring this awaited surprise in the crypto market.
The above is the detailed content of Altcoin Season Will Face Extended Delays as Bitcoin Dominance Increases. For more information, please follow other related articles on the PHP Chinese website!
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