Bitcoin Outperforms Altcoins Amid Declining ASI Score
Recent data from blockchaincenter.net reveals a sharp drop in the Altcoin Season Index (ASI), falling from a mid-July peak of 46 to just 24. This metric tracks whether altcoins collectively outperform bitcoin (BTC) over a 90-day period. A score above 75 signals "altcoin season," but the current low value reinforces bitcoin’s ongoing dominance in the crypto market.
Key Trends in Crypto Performance
- Bitcoin’s Rally: BTC surged 20.4% over two weeks and 7.1% in the past week, outpacing major altcoins like ethereum (ETH), which rose 16.2% and 2.2%, respectively.
- ETH ETF Impact: Despite the launch of spot Ethereum ETFs on July 23, BTC’s gains overshadowed ETH’s performance.
- Top Altcoin Performer: Toncoin (TON) led with a 193.2% increase over 90 days, yet the broader altcoin market dipped 0.1% in 24 hours.
Why Altcoin Season Remains Distant
The ASI score’s decline to 24—far below the 75 threshold—suggests that investor focus remains firmly on bitcoin. Factors like the 2022 crypto crashes (FTX, Terra/LUNA) and BTC’s resilience have prolonged bitcoin season, delaying a potential altcoin resurgence.
Market Implications
- Investor Strategy: With BTC dominating, traders may prioritize bitcoin-centric investments over altcoin speculation.
- Long-Term Outlook: Innovations like Ethereum ETFs haven’t yet shifted momentum toward altcoins, indicating a need for stronger catalysts.
FAQ: Altcoin Season and Bitcoin Dominance
Q: What defines an altcoin season?
A: It occurs when 75% of the top 50 altcoins outperform bitcoin over 90 days, measured by an ASI score ≥75.
Q: How long has bitcoin dominated the market?
A: Since mid-2022, following major crypto collapses. Brief altcoin rallies in early 2024 were exceptions.
Q: Could Ethereum ETFs trigger an altcoin season?
A: Not immediately—BTC continues to outpace ETH post-ETF launch, suggesting broader market factors are at play.
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The persistence of bitcoin’s dominance underscores its role as a market anchor. For altcoins to thrive, sustained demand and positive sentiment must align—a scenario that seems deferred for now.