Whale Bitcoin Withdrawals Signal Bullishness as Altcoin Season Could Roar Back
- Altcoins now account for 42.5% of the total cryptocurrency market capitalization
- Total market capitalization of altcoins reached $1.18 trillion
- A massive 35,000 BTC withdrawal from Binance took place
Crypto Rover shared two separate charts on X, both showing some interesting turns of events. The first one is something that everyone has been talking about lately – the altcoin season. It shows the Altcoin Season Index, which measures the performance of the top altcoins against Bitcoin over 90 days. This particular one is from Blockchaincenter.net, and it measures the 50 top-performing altcoins without including any stablecoins or asset-backed tokens.
Regarding the Altcoin Season Index, an official altcoin season happens if 75% of the top 50 altcoins performed better than Bitcoin over the last 90 days. To put it simply, a score above 75 on the index signifies altcoin season, while a score below 25 indicates Bitcoin season.
Interestingly enough, the Altcoin Season Index is below 25, suggesting a Bitcoin season, but the poster warns against being fooled by this. There might be some merit to that claim, considering that recently, altcoins have been having a gre…
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Whale Bitcoin Withdrawals Signal Bullishness as Altcoin Season Could Roar Back
- Altcoins now account for 42.5% of the total cryptocurrency market capitalization
- Total market capitalization of altcoins reached $1.18 trillion
- A massive 35,000 BTC withdrawal from Binance took place
Crypto Rover shared two separate charts on X, both showing some interesting turns of events. The first one is something that everyone has been talking about lately – the altcoin season. It shows the Altcoin Season Index, which measures the performance of the top altcoins against Bitcoin over 90 days. This particular one is from Blockchaincenter.net, and it measures the 50 top-performing altcoins without including any stablecoins or asset-backed tokens.
Regarding the Altcoin Season Index, an official altcoin season happens if 75% of the top 50 altcoins performed better than Bitcoin over the last 90 days. To put it simply, a score above 75 on the index signifies altcoin season, while a score below 25 indicates Bitcoin season.
Interestingly enough, the Altcoin Season Index is below 25, suggesting a Bitcoin season, but the poster warns against being fooled by this. There might be some merit to that claim, considering that recently, altcoins have been having a gre…
The post Whale Bitcoin Withdrawals Signal Bullishness as Altcoin Season Could Roar Back appeared first on Coin Edition.
Read More