Last week, the crypto market saw a big jump, making many short-term investors happy. Bitcoin led the way, going above $64,000. But things have calmed down since then.
Bitcoin’s Dominance Continues
While other cryptocurrencies like TRON, Avalanche, and Chainlink saw gains of 20% to 30% in just a week, Bitcoin still holds the most power in the market.
The Altcoin Season Index, which measures how well altcoins are doing compared to Bitcoin, is currently at 22, meaning Bitcoin is still in charge. This index needs to be above 75 for a real “altcoin season.” The last time we had an altcoin season was during the 2021 bull run.
The index dipped as low as 12 in late July, showing just how strong Bitcoin’s grip is. Right now, Bitcoin makes up over 56% of the entire crypto market.
What About Altcoins?
Many altcoins tend to follow Bitcoin’s price movements. However, some can still have their own big rallies. Ethereum currently has the biggest share of the altcoin market, followed by other altcoins and stablecoins.
Some of the biggest recent winners include Sun Token, which has gained over 300% in a week, and memecoins like Dogwifhat and POPCAT.
Ultimately, altcoins will continue to perform differently based on their usefulness and how much people are using them.
