As we head into the back half of 2023, the Altcoin Season Index still points to Bitcoin season - It is NOT Altcoin season!
No, it's NOT Altseason anymore.
Although, the Altcoin Season Index is starting to turn from Bitcoin season and if the trend continues, the back half of 2023 could be exciting for those of us who are holding Alts.
Now I don't want you guys to get too excited just yet...
...but also, get excited.
Altseason is just around the corner!
After the index pointed to Bitcoin season early in 2022, we then saw a huge shift in the market.
We ended 2022 in Bitcoin season and have remained there as the market wide bear market remained.
Just take a look at the following updated screengrab of the Altcoin Season Index:
Just look at those levels in May and June of 2023, that's a level of Bitcoin dominance like we've never seen before.
If you were a Bitcoin maximalist, then you were obviously quite chuffed by what you saw.
Altcoin HODLers like those of us here in the LeoFinance community, weren't quite feeling it.
But look a little further to the right and you see that crypto seasons always turn.
Yes, we're still entrenched in Bitcoin season, but the index is finally trending toward Altseason.
Savvy traders who are looking to get in on an Altcoin bull run early may use this information to get in early.
What is the Altcoin Season Index?
The Altcoin Season Index tracks whether market sentiment points towards Bitcoin or Altcoins.
If 75% of the Top 50 coins performed better than Bitcoin over the last season (90 days), then the index deems it to be Altseason.
Altseason, shortened from 'Altcoin Season', is the term given when money flows into Altcoins faster than it flows into Bitcoin.
Savvy crypto traders can use the Altcoin Season Index to make decisions on whether they should move their funds in or out of Bitcoin.
As you can see from the current Altcoin Season Index reading, the answer is no - It’s currently not Altcoin Season.
The whole of 2023 has well and truly been Bitcoin Season, but the index is starting to turn.
Make of that information what you will.
Which altcoins should I have bought?
Ah, isn’t hindsight a beautiful thing?
Here are the top 50 performers over the last season (90 days):
What a list we have here.
Plenty of popular Altcoin names on the list including our old friends Bitcoin Cash (BCH) and possibly more excitingly, MKR crypto.
As we're currently not in Altseason, you need to be extremely selective in the Altcoins that you buy and this list proves that point.
But with the index starting to turn, this list could potentially become a little less elite for those trying to cycle out of Bitcoin ready for the next Alt run.
When is the next Altseason?
While it's not Altseason right now, the index is turning and predicting that the next seasonal change might not be too far away.
Using the past to forecast the future is never a sound strategy, but the ebbs and flows on the chart above may offer you some clues.
The Altcoin Season Index pointed to Altseason previously back in March 2021 and then extremely briefly again at the start of January 2022.
Do you see a pattern forming?
I'll let you make that call for yourself.
In conclusion, I'm happy for the Altcoin bagholders amongst us because the Altcoin Season Index is starting to turn once again.
Happy days on the horizon, traders.
Make the most of it while you still have the chance.
Best of probabilities to you.
Direct from the desk of Dane Williams.
Why not leave a comment and share your thoughts on Altseasons and what the Altcoin Season Index is telling us, within the comments section below? All comments that add something to the discussion will be upvoted.
This Altcoin Season Index blog is exclusive to leofinance.io.