The post Bitcoin Remains on Top as Altcoin Season Fails to Materialize appeared on BitcoinEthereumNews.com.

The cryptocurrency market experienced a significant rally last week, providing a much-needed boost for many short-term speculators to turn profits. Bitcoin led the charge, surpassing the $64,790 mark, though the momentum appeared to have eased by the time of writing. This surge was mirrored across the altcoin landscape, with several cryptocurrencies, including TRON, Avalanche (AVAX), and Chainlink (LINK), recording impressive gains ranging from 20% to 30% within just seven days. Despite these gains among widespread altcoins, Bitcoin continues to exert dominance over the entire market. Bitcoin Increases Dominance: What Does It Mean For Altcoins? The altcoin season has yet to build up steam since the beginning of the year as Bitcoin continues to receive the lion’s share of investor attention. This is clearly reflected in the Altcoin Season Index, which currently registers a reading of 22 and tipping the scale in favor of Bitcoin. The scale also reads a 29 on the Altcoin Monthly Index, also in favor of Bitcoin. Essentially, the index works by analyzing the performance of various altcoins against Bitcoin. If 75% of the top 50 altcoins performed better than Bitcoin in the past 90 days, it is altcoin season. If 75% of the top 50 altcoins performed better than Bitcoin in the past 90 days, it is deemed an altcoin month. Interestingly, the last official altcoin season occurred during the 2021 bull run.  According to the chart below, the last time market dominance almost tipped in favor of altcoins was in January 2024, when it climbed above 75 for only a few days. Nowadays, the scale mostly ranges around 20 to 30, pushing the altcoin season further out of reach. In fact, the index even dipped as low as 12 on July 30, further highlighting the ongoing dominance of Bitcoin. Total crypto market cap currently at…

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Filed under: News - @ August 25, 2024 8:02 pm