Alphractal has reported a potential start to an altcoin season as many altcoins are outperforming Bitcoin in medium- and short-term.
Alphractal Analysis
The crypto analytics firm Alphractal has hinted at the potential beginning of an altcoin season, referencing data that shows many altcoins outperforming Bitcoin. The analysis focused on the Altcoin Seasonality Index, which evaluates whether altcoins are outperforming Bitcoin.
Altcoin Seasonal Index
Alphractal noted that the Altcoin Seasonal Index has moved out of the lower region traditionally called 'Bitcoin Season.' Historically, this upward movement has indicated better price performance for altcoins compared to Bitcoin.
Short-term Trends
In the short term, analysis of data from the past 120 hours showed a significant trend of altcoins outperforming Bitcoin. Alphractal stated, 'Altcoins significantly outperform Bitcoin even in scenarios where Bitcoin is either bullish or bearish. This creates resistance to Bitcoin’s dominance over time.'
Thus, current conditions suggest a potential start to altcoin season while investment decisions remain up to market participants.
