Only 41% of the top 50 cryptocurrencies outperform bitcoin in 3 months.
The altcoin season lasted for more than three months, starting in March of this year.
While bitcoin (BTC) continues to struggle to stay above $ 32,000 and resume the bullish movement, the major altcoins They have started to lose their boom against the main cryptocurrency on the market.
After months of major cryptocurrencies outperforming BTC, altcoin season is over, the time when the top 50 coins outperform bitcoin for a 90-day period.
According to the Altcoins Seasonal Index, developed by the Blockchain Center, currently only 41% of that top 50 perform better than BTC, despite the decline in this in recent weeks.
For the index to consider altcoin season current, there should be at least 75% altcoins outperforming BTC.
As can be seen in the historical graph of the index, since the end of June and the beginning of this month, the 75% barrier had fallen. However, the percentage it stayed very close to that of the altseason.
At the beginning of July, the index still reflected the approach of the altcoin season. Source: blockchaincenter.net.
Only in recent days has the end of the altcoin season been confirmed, returning to February levels in the index. In the last 90 days, only 5 cryptocurrencies are in the green, according to the source. And while BTC has fallen close to 50% in that time, another 30 of the major large-cap cryptocurrencies have depreciated even more.
If we stick the record to the last 30 days, bitcoin’s dominance becomes stronger. In that period of time, just 31% of the top 50 altcoins outperform it. For the index, a percentage below 25% reflects the opposite of the altseason: a bitcoin season.
The rise and fall of altcoins
While bitcoin was on the rise, hitting an all-time high of $ 64,000 in mid-April, the major altcoins were booming even further. Since March of this year, CriptoNoticias has already reported the arrival of the altseason, with more than 85% of the main currencies outperforming BTC.
Even since the beginning of this year, when BTC seemed unstoppable on its way to completing predictions of surpassing up to $ 100,000 per unit, its dominance of the market capitalization was diminishing.
Coinciding with the May crash, when the market’s top cryptocurrency fell as much as 50% in a couple of weeks, its share of the total cryptocurrency capitalization fell below 40%.
In recent weeks, it has managed to recover and at the time of writing, the dominance hovers around 46%. This is, however, a fairly low mark, if we consider that the year started over 70%, according to data from CoinMarketCap.
Bitcoin dominance so far this year 2021. Source: CoinMarketCap.
Now, BTC has hovered above $ 30,000 for several consecutive weeks, while many altcoins have seen significant declines in their value in the market. Only a few have managed to close the second quarter in green, with particular prominence of the cryptocurrency meme Dogecoin and its almost 400% increase in that period.