Amidst the tumultuous sea of the crypto market, a solitary voice emerges from the Binance stronghold. Changpeng Zhao, known to all as CZ, has spoken, and his words carry the weight of a thousand 🦌. The Altseason, so eagerly awaited by many, appears to be nothing more than a mirage in the desert of digital assets.
CZ: Altseason Remains Elusive
On a day marked by the melancholy hues of Friday, CZ engaged with an X user, pondering the fate of Altseason. He pointed to CoinMarketCap (CMC), a beacon of market data, now adorned with an “Altcoin Season Index.” This index, a new addition to the cryptosphere, seeks to illuminate whether the time is ripe for altcoins to flourish.
However, the reality painted by CMC is far from the lush gardens of hope. Of the top 100 altcoins, few have managed to outshine Bitcoin (BTC) in the past three lunar cycles. This, according to CZ, signals that Altseason remains a distant dream.
The CMC Altcoin Season Index, a sophisticated gauge of the market’s pulse, reveals that an Altseason is declared when 75% of the top 100 altcoins outperform BTC over a 90-day period. Alas, the current score stands at a mere 14/100, with a select few such as Monero (XRM), Hyperliquid (HYPE), Pi (PI), Mantra (OM), Berachain (BERA), and the official Trump memecoin (TRUMP) managing to keep their heads above water.
The leading cryptocurrencies of 2024, including SUI and Solana (SOL), have witnessed a somber decline of 37% to 41% in value over the past 90 days. Meanwhile, the memecoin sensations like dogwifhat (WIF), PEPE, FLOKI, and BONK have suffered even greater losses, bleeding between 70% and 80%.
Michaël van de Poppe, a seasoned analyst, notes the lackluster performance of altcoins on longer timeframes, despite fleeting moments of green. “Massive green day on some Altcoins, they are up 2%! Then, you zoom out, and you zoom out, and you zoom out,” he laments, illustrating the ephemeral nature of these gains.
The Bottom May Be Nigh
Altcoin Sherpa, a sage among traders, observes that the current state of altcoins mirrors or surpasses the despair of the Summer 2024 retrace. Yet, he points to a glimmer of hope, noting that “things were also pretty bleak overall and then we saw some strong bounces in August.” However, unlike the previous year, the market lacks a “Trump Pump” to ignite the flames of recovery.
Indeed, the announcement of a Strategic Bitcoin Reserve by US President Donald Trump had sparked a surge in several top cryptocurrencies, including SOL, XRP, Cardano (ADA), Ethereum (ETH), and BTC. Yet, the subsequent clarification by David Sacks, the White House AI and Crypto Czar, revealed that these altcoins served merely as examples of the market’s most valued tokens.
Sherpa believes that the market’s nadir is within reach, but warns of a period of uncertainty before any meaningful resurgence. “We still also probably have the chop period to get through,” he cautions.
Contrary to the prevailing gloom, some industry luminaries suggest that Altseason has already embarked on its journey, albeit in a form unrecognizable from past cycles. Ki Young Ju, the founder and CEO of CryptoQuant, declares that the Altseason has commenced. He posits that this cycle will not see a direct rotation from Bitcoin to altcoins, as BTC dominance is no longer the sole arbiter of the season.
According to Ju, trading volume is the metric that holds the key this time around. He foresees a selective and challenging Altseason, where only a chosen few altcoins, armed with compelling narratives, shall thrive.
Read More
- Who Is Returning on Days of Our Lives This Week?
- ‘As long as audience believes they’re husband and wife’: Pragya Jaiswal on working with Nandamuri Balakrishna despite double age gap
- Black Panther 3 Producer Gives Clarity on Denzel Washington’s Marvel Role
- Who Is Kendrick Lamar’s Fiancee? Whitney Alford’s Kids & Relationship History
- When Is the Nintendo Switch 2 Announcement Date? Reports Explained
- Dead Man’s Wire Cast Adds Colman Domingo to Gus Van Sant’s Hostage Thriller
- Bhairathi Ranagal OTT release: When and where to watch Shiva Rajkumar starrer as it marks world digital premiere
- Telegram Rolls Out ‘Stars’ for In-App Purchases
- ‘This film will stay with you’: Mahesh Babu reviews Sukumar’s daughter Sukriti Veni Bandreddi starrer Gandhi Tatha Chettu
- Neil Gaiman Denies Sexual Assault Allegations in New Statement
2025-03-08 14:14