Altcoin
Discovering the Altcoin Season Index: What a Score of 16 Means to You
- The Altcoin Season Index recorded a value of 16, meaning that Bitcoin season was underway.
- TON has been the top altcoin for the past 90 days, followed by KAS and PEPE.
Aside from the last inconvenience, Bitcoin [BTC] has been the center of attention lately. This attention, however, did not bode well for altcoins, as several major coins were sidelined.
What the Altcoin Season Index Tells Us
For those who don’t know, the Altcoin Season Index was designed to measure the profitability of altcoins compared to Bitcoin.
A high score on the index typically indicates a period during which altcoins are expected to outperform Bitcoin: an altcoin season.
Conversely, if the score is closer to 0, then it is a Bitcoin season. At press time, the Altcoin Season index had a reading of 16, suggesting that Bitcoin was still dominant in the market.
Therefore, investors may have to wait a little longer before seeing a rally across all altcoins.
Source: Blockchaincenter
However, AMBCrypto has checked other datasets to find out how the market has performed over the past 90 days. According to our analysis, Toncholine [TON] was the best with a price increase of 229%, followed by Solana [SOL] AND Pepper [PEPE].
On the other hand, Recover.ai [FET], Optimism [OP]AND On [SUI] recorded the worst performances, with their values dropping by 38%, 36% and 35% respectively.
Source: Blockchaincenter
Will Major Altcoins ETH and SOL Recover?
Even though the wait for an altcoin season would be longer, we planned to check out the performance of the major altcoins.
According to CoinMarketCap datathe price of Ethereal [ETH]the king of altcoins, has dropped by 1.2% in the last 24 hours. SOL’s situation has been worse as its price has witnessed a 5% decline.
At the time of writing, ETH was trading at $3,341 and SOL was valued at $181.
Interestingly, despite SOL’s massive crash, its Weighted Sentiment increased, which means that the bullish sentiment around it was increasing. However, ETH’s Weighted Sentiment remained in the negative zone.
Source: Santiment
Realistic or not, here it is SOL Market Cap in BTC
As the market sentiment around SOL was bullish, AMBCrypto planned to take a look at its daily chart. According to our analysis, the MACD showed the possibility of a bearish crossover.
Its relative strength index (RSI) also saw a slight decline, suggesting that the price decline may continue.
Source: TradingView