Not only has Bitcoin (BTC) been performing well in recent weeks, but many altcoins have also surged significantly. In particular, memecoins and artificial intelligence (AI) based coins have skyrocketed, often increasing in value by hundreds of percentages. Nevertheless, there is currently no clear indication of an "altseason." However, according to various analysts and metrics, we are dangerously close.
Bitcoin losing ground to altcoins
While Bitcoin reached a new record price last week, memecoins have been stealing the spotlight in the crypto space for a while now. Dogecoin (DOGE) and Shiba Inu (SHIB) have surged by 113% and 282% respectively over the past 30 days. Meanwhile, Floki (FLOKI) and Pepe (PEPE) have seen even more remarkable gains, soaring by 590% and 767% in the same period.
At the same time, many AI tokens are also shining. Fetch.ai (FET) and SingularityNET (AGIX) have surged by 359% and 293% respectively over the past month.
This has sparked debate about whether we are truly in a genuine altseason.
Altseason refers to a period during which altcoins gain momentum in the market and outperform Bitcoin.
Last Tuesday, Bitcoin reached its record price of $69,350, and the total market capitalization of all altcoins combined soared above $1.1 trillion. In the last three months, this value has seen a remarkable increase of about 64%, from $697 billion to $1.14 trillion on March 7. This surpasses the 56% growth that Bitcoin has achieved in the same period.
But 'altseason' has not yet begun
According to the Altcoin Season Index by Blockchain Center, however, we can only speak of an altseason when 75% of the top 50 coins outperform Bitcoin in the past 90 days.
The indicator currently stands at 65, so it is still too early to declare an altseason.
