Altcoin enthusiasts worldwide have eagerly awaited the arrival of Altcoin Season, but they remain disappointed by the ongoing delay.
Judging by recent trends, this wait is likely to continue as most altcoins have struggled to outperform Bitcoin lately.
These Coins Have Made It
Altcoin Season’s delay is directly linked to Bitcoin’s increasing dominance. Currently, Bitcoin’s dominance stands at 57.03%, but just a week ago, it peaked at 57.73%. This growing market share has limited the performance of many altcoins, delaying the expected shift.
In the process, Bitcoin’s dominance almost confirmed the symmetrical triangle pattern formed four months ago. The pattern was validated in late July, and dominance has steadily increased since the breakout. The symmetrical triangle set a post-breakout target of 57.90%, but dominance reversed after reaching 57.73%, falling just short of the target.
Read more: 10 Best Altcoin Exchanges In 2024
This surge in Bitcoin dominance severely impacted altcoins, leading to declines and stunting their growth over the last 90 days. During this period, only four major tokens managed substantial gains, allowing them to outperform Bitcoin and show positive returns on the 90-day chart.
These tokens were Kaspa (KAS), AAVE, Monero (XMR), and XRP, which recorded growth of 36%, 20%, 10%, and 8%, respectively. Although these gains aren’t massive, they indicate ongoing demand and optimism among investors for select altcoins.
Altcoin Season Is Far Away
According to the Altcoin Season index, the potential arrival of the long-awaited growth of altcoins will be further delayed. This is because the market is currently noting Bitcoin season, given the recent rise in BTC’s dominance.
Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season
Although it’s difficult to pinpoint exactly when altcoin enthusiasts will see gains, it’s clear that it won’t be happening this month. If market conditions improve toward the end of Q3 in September, investors might finally see the onset of an altcoin season.
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