The altcoin market has had a disastrous 2022 and a neutral but hopeful first half of 2023. Long-term indicators of altcoin’s strength against Bitcoin are at historic lows today.

According to long-term data from the Altcoin Season Index, the altcoin market has dropped to levels last seen in 2019-2020. This information alone does not make altcoin holders optimistic. However, historical data shows that these lows preceded the exponential bull market of the TOTAL2 chart, which began in late 2020.

Altcoin Market at 2019-2020 Lows

Data about the potential altcoin season by BlockchainCenter expresses the relationship between the growth of the price of Bitcoin (BTC) relative to the growth of the price of the TOP 50 altcoins. If the BTC price is increasing more (or decreasing less) than the prices of the top altcoins, this suggests an ongoing Bitcoin season (values below 25). On the other hand, if the BTC price is declining more (or increasing less) than the altcoins, this is a sign that the altcoin market is dominant (values above 75).

Naturally, most of the time, the chart runs in the neutral range between 25 and 75. This indicates that neither the Bitcoin market nor the altcoin market currently dominates the cryptocurrency sector.

Moreover, the Altcoin Season Index contains 3 time frames: monthly, quarterly (seasonal), and yearly. And it is in the latter, the long-term one, that today we can see a clear Bitcoin season and the decline of the altcoin market to historical lows (blue areas).

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Author: Jakub Dziadkowiec

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