Recent data shows that the altcoin market is beginning to show slight signs of activity, however, Bitcoin still maintains a strong dominance. This article examines current trends and the outlook for altcoins.
Overall Trends in the Altcoin Market
The Altcoin Season Index has risen to 41 out of 100, remaining in the 'Bitcoin Season' zone. Bitcoin's dominance has increased to 60.71%, reflecting its ongoing influence in the market.
Ethereum and Other Altcoins Performance
Ethereum stands out among altcoins, having gained over 45% against Bitcoin's 16% in the last 30 days. This increase is linked to ETF inflows totaling $1.13 billion and renewed interest in DeFi yields. However, the majority of top altcoins, around 83%, continue to lag behind Bitcoin over a 90-day period.
Future of Altcoins and Analyst Predictions
Analysts note that for a true regime shift to occur, the Altcoin Season Index would need to exceed 75 and Bitcoin's dominance would need to fall below 58%. Until then, capital is flowing into high-conviction plays, while Bitcoin is likely to remain the gravity center of the crypto space.
Under the current circumstances, Bitcoin remains a key currency in the cryptocurrency market, and despite some successes of altcoins, they have a long way to go before achieving a status that could shift the existing balance of power.
