Altcoins Plunge as Altseason Fails to Materialize Bitcoin Dominance Persists

Binance co-founder Changpeng Zhao, also known as CZ, has suggested that the highly anticipated Altseason has not yet arrived, as most altcoins continue to underperform. This comes as some market watchers believe that the worst of the market retrace might be over soon.

On Friday, CZ responded to a user on X asking about the timing of the Altseason. He pointed out the price tracking and market data website CoinMarketCap (CMC), which recently added an “Altcoin Season Index.” CZ highlighted that of the top 100 altcoins, very few have outperformed Bitcoin (BTC) in the past three months, indicating that the Altseason is not yet here.

The CMC Altcoin Season Index page provides real-time insights into whether the cryptocurrency market is currently in Altcoin Season, based on the performance of the top 100 altcoins against BTC over the past 90 days. Under this metric, an Altseason is in effect if 75% of the top 100 altcoins outperform BTC during the established period. CZ considers this a tough ranking system, suggesting that a score of 50 would be a good indicator for altcoins.

The CMC index page shows a score of 14/100, with only 14 altcoins outperforming BTC since early December. Some of the tokens in this list include Monero (XRM), Hyperliquid (HYPE), Pi (PI), Mantra (OM), Berachain (BERA), and the official Trump memecoin (TRUMP). Leading cryptocurrencies of 2024, like SUI and Solana (SOL), show 37% to 41% price decreases in the past 90 days. Meanwhile, memecoin sensations like dogwifhat (WIF), PEPE, FLOKI, and BONK have bled between 70% and 80% during this period.

Analyst Michaël van de Poppe noted that altcoins have had an overall negative performance on higher timeframes despite some recent price rallies. He asserted that while some altcoins may show a 2% increase in a single day, the overall trend remains bearish when viewed over a longer period.

Altcoin Sher