The Altcoin Index rose to 30 due to a significant increase in Bitcoin's price, now standing at $117,000.
Altcoin Index Rises
According to CoinMarketCap, the Altcoin Index has risen from 15 to 30, indicating that about 30 of the top 100 cryptocurrencies have outperformed Bitcoin over the past 90 days. However, the index remains below the typical threshold for defining an 'altseason.'
Impact of Bitcoin Dominance
Bitcoin's recent price surge to $117,000 has influenced the altcoin market, limiting the likelihood of traders fully transitioning to altcoins. This is corroborated by HTX market data, which shows Bitcoin increasing by 5.37% within 24 hours.
Market Reaction Analysis
Market reactions have primarily centered around Bitcoin's strength, with increased long-term holding metrics. Glassnode data highlights rising RHODL ratios, indicating ongoing confidence in Bitcoin's future performance. 'The Bitcoin RHODL ratio has started to rise and reached the highest level of this cycle,' analysts from Glassnode note.
The rise in the Altcoin Index alongside Bitcoin's new record highlights the importance of Bitcoin's dominance in the market and its impact on investor strategies.
