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The altcoin season index has plummeted to 19, and market enthusiasm is much lower than before.
[Crypto World] The latest Coinmarketcap data shows that the altcoin season index has now dropped to 19, which is a world apart from the high of 78 back on September 20. Over the past week, it’s hovered around 25 on average.
What does this mean? It means that in the past 90 days, only about 19 of the top 100 cryptocurrencies by market cap have outperformed Bitcoin. Honestly, that proportion is pretty dismal.
Remember back in September when altcoins were having a collective party? Now, market sentiment has clearly cooled off. Money is flowing back into Bitcoin—a classic risk-off move. Altcoin holders are probably waiting on the sidelines, wondering when the next wave of hype will arrive.
That’s just how the market works: when it goes up, it surges, and when it drops, it doesn’t hold back either.