In the world of cryptocurrency, there’s a common desire shared by many: a full-blown altcoin season. Altseason refers to a brief period during which altcoins outperform Bitcoin.

Since the peak of 2021, most altcoins have bled against Bitcoin and reached new lows. So, in this article, we will discuss the factors related to altcoins to understand whether we have witnessed a genuine capitulation or if another significant crash is looming.

Altseason index plummets to multi-year lows: What’s next for altcoins?

The Altseason index indicates whether we are in a Bitcoin season or an Altseason. Currently, this index stands at ten on a yearly timeframe, suggesting that we are presently in a Bitcoin season, with BTC outperforming the majority of altcoins. The last time this index was this low was during the C-19 crash in 2020. In the months following that crash, the crypto market entered an Altseasonfueled by DeFi.

Historically, it bottomed out when $BTC’s price hit its lowest point. However, this time, due to the SEC clampdown on altcoins and severe selling by Robinhood, several altcoins reached new lows despite BTC’s bullish price action in 2023. If history is any indication, most altcoins have likely found their bottom, and in the coming months, we may witness an increase in this index.

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Author: Sumit Kapoor

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