Altcoins
Unboxing the Altcoin Season Index: What a Score of 16 Means to You
- The Altcoin Season Index showed a value of 16, meaning that Bitcoin season was underway.
- TON has been the top altcoin over the past 90 days, followed by KAS and PEPE.
Apart from the latest setback, Bitcoin [BTC] has been the center of attention lately. However, this attention does not bode well for altcoins, as several of the major cryptocurrencies have been sidelined.
What the Altcoin Season Index Tells Us
For the uninitiated, the Altcoin Season Index is designed to measure the profitability of altcoins relative to Bitcoin.
A high score on the index typically indicates a period when altcoins are expected to outperform Bitcoin – an altcoin season.
Conversely, if the score is closer to 0, then it is a Bitcoin season. At press time, the Altcoin Season index was reading 16, suggesting that Bitcoin was still dominant in the market.
Therefore, investors may have to wait longer to see all altcoins rise.
Source: Blockchaincenter
Nevertheless, AMBCrypto checked other datasets to find out how the market has performed over the past 90 days. According to our analysis, Yourcoin [TON] was the best performer with a price increase of 229%, followed by Solana [SOL] And Grandpa [PEPE].
On the other hand, Recover.ai [FET], Optimism [OP]And Follow [SUI] were the worst performers, with their values falling by 38%, 36% and 35% respectively.
Source: Blockchaincenter
Will major altcoins ETH and SOL rebound?
Although the wait for an altcoin season is longer, we plan to check the performance of the top altcoins next.
According to CoinMarketCap datathe price of Ethereum [ETH]the king of altcoins, has fallen by 1.2% in the last 24 hours. SOL’s condition has worsened, with its price seeing a 5% drop.
At the time of writing, ETH was trading at $3,341 and SOL was worth $181.
Interestingly, despite SOL’s massive drop, its weighted sentiment has increased, meaning that the bullish sentiment around it has increased. However, ETH’s weighted sentiment has remained in the negative zone.
Source: Santiment
Realistic or not, here it is SOL Market Cap in BTC
With the market sentiment around SOL being bullish, AMBCrypto planned to look at its daily chart. According to our analysis, the MACD displayed the possibility of a bearish crossover.
Its relative strength index (RSI) also registered a slight decline, suggesting that the price decline could continue.
Source: TradingView