Altcoin Season Index at 35: Are Altcoins Still in Depression?
Despite hopes for an altcoin season, the Altcoin Season Index at 35 suggests that many tokens are still in a state of depression. The index needs to reach 75 for an altcoin season to be confirmed, but recent trends have shown that this may not be happening anytime soon.
One key factor that could determine the onset of an altcoin season is Ethereum (ETH). In the past, ETH has been a major player in driving the price increase of many altcoins. However, recent data shows that ETH has not been able to make significant moves like it did in the last bull market.
One concerning metric is ETH’s network growth, which currently stands at 3131. A decline in network growth could hinder ETH’s price from moving upwards, which in turn could delay the onset of an altcoin season.
Furthermore, the volume of ETH is currently at $10.31 billion, significantly lower than the volume during its rise to its all-time high. This low volume indicates a lack of interest in the cryptocurrency, which could make a notable price increase unlikely in the near future.
Overall, the data suggests that altcoins may need to look beyond ETH for a potential rally in the coming weeks. While the market remains uncertain, a surge in network growth or volume could potentially spark a rally for ETH and other top tokens, leading to the much-awaited altcoin season.
