Ah, the CoinMarketCap Altcoin Season Index, a fickle friend, now languishing below 40, like a poet without a muse. Altcoins, it seems, are still playing second fiddle to the grand maestro, Bitcoin. What a plot twist! 🎭
This CMC Altcoin Season Index, a veritable oracle, attempts to divine whether we bask in the glow of altcoin season or remain shackled to Bitcoin’s dominance. It scrutinizes the top 100 cryptocurrencies over the past 90 days. When 75% of these digital darlings outshine Bitcoin, we declare it altcoin season. But alas, the current index whispers a different tale.
In the halcyon days of December 2024, the index soared to 64, heralding the dawn of altcoin season. Yet, as January rolled in, it clung to a meager 40, now plummeting to a dismal 36 as of February 17. Bitcoin, the unyielding titan, continues to lead the charge. 🥇
Despite the market’s tempestuous nature, Bitcoin stands resolute, hovering above $96,000 like a stubborn cloud refusing to rain. The fate of the broader market may hinge on Bitcoin’s next move. Yet, not all share this optimism; Maartunn from CryptoQuant seems to have donned a bearish cloak.
Maartunn, with a furrowed brow, reveals that the Inter-exchange Flow Pulse (IFP) indicator is flashing red. This metric, a barometer of Bitcoin’s movements between derivatives and spot markets, suggests that rising flows into derivatives usually signal a bullish market. But the current ominous signal hints at potential resistance ahead. 😬
Inter-exchange Flow Pulse (IFP) turned bearish ❌️
The indicator measures bitcoin flows between spot and derivative exchanges using CryptoQuant’s Bitcoin exchange flows data.
This flow data shows market sentiment. A growing (declining) amount of Bitcoin flowing to (from)…
— Maartunn (@JA_Maartun) February 15, 2025
Meanwhile, altcoins are grappling with their own existential crisis, perhaps overwhelmed by the deluge of new launches. With liquidity stretched thinner than a poet’s patience, the market feels the strain.
Bobby Ong, the co-founder of CoinGecko, unveils a staggering statistic: over 600,000 tokens birthed in January alone! Investors, like children in a candy store, are flitting from one token to another, leaving altcoin performance gasping for breath. 🍬
2/ Back in 2022-2023, around 50k new tokens were minted every month.
Fast forward to Q4 2024, and we’re seeing 400k new tokens/month – with January 2025 hitting a record 600k new tokens created per month! 🤯
That’s 12x growth in just over a year.
— Bobby Ong (@bobbyong) February 14, 2025
Among the altcoins, Hyperliquid (HYPE) and Ripple (XRP) have danced gracefully, rising 735% and 143% respectively. Yet, many AI tokens have stumbled, despite AI’s allure captivating crypto enthusiasts. RENDER (RNDR), Artificial Superintelligence Alliance (FET), and Near Protocol (NEAR) have all taken a nosedive of over 40% in the past 90 days. Ouch! 😱
Historically, altcoin season follows Bitcoin’s consolidation or decline like a shadow. The next surge for altcoins will be dictated by macroeconomic factors, regulatory whims, and the ever-shifting sands of market conditions. Stay tuned! 📈
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2025-02-17 06:57