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Cryptocurrency News Articles
Ethereum's Growth Woes Stalling Anticipated Altcoin Season
Apr 28, 2024 at 03:00 pm
Despite anticipation of an "altcoin season," the Altcoin Season Index remains at 35, indicating a lack of momentum. A decline in Ethereum's network growth and volume suggests challenges for an upswing, as many altcoins have underperformed Bitcoin and only 20 of the top 50 have surpassed its price.
Ethereum's Network Growth and Volume Slump Hinders Altcoin Season Anticipation
The highly anticipated "altcoin season," a period where non-Bitcoin cryptocurrencies collectively outperform Bitcoin (BTC), remains elusive as indicators suggest the market is yet to emerge from a state of depression.
According to an analysis by Blockchaincenter.net, the Altcoin Season Index stands at 35, significantly below the threshold of 75 required to confirm an altcoin season. This index measures the relative strength of altcoins against Bitcoin and has failed to sustain previous highs reached in January and March this year.
Contributing to the delay in an altcoin season is the underperformance of Ethereum (ETH), the second-largest cryptocurrency. Historically, a surge in Ethereum's value has often triggered rallies in the broader altcoin market. However, in the past 90 days, ETH has not outperformed Bitcoin, and its price has declined.
Network growth, a measure of the adoption and usage of a blockchain, provides further evidence of ETH's struggles. Despite Ethereum's significant growth in 2021, its network growth currently stands at a modest 3131, indicating a slowdown in adoption.
Volume, another key indicator of market sentiment, also casts doubt on the likelihood of an imminent altcoin season. Ethereum's volume currently hovers around $10.31 billion, significantly lower than the levels observed during its previous all-time high. Consistent volume growth is essential for sustained price increases.
Furthermore, the analysis reveals that less than 20 of the top 50 cryptocurrencies by market capitalization have outperformed Bitcoin in the past 90 days, underscoring the general underperformance of altcoins.
Unless Ethereum regains its momentum and triggers a broader rally, altcoin season may continue to be delayed. A surge in Ethereum's network growth and volume, coupled with a notable price increase, could potentially spark an altcoin rally. However, current indicators suggest that the market remains in a holding pattern, with altcoins struggling to gain traction without Ethereum's support.
In conclusion, the Altcoin Season Index remains low, Ethereum's network growth and volume are lackluster, and many altcoins have failed to sustain their performance. While the market conditions could shift quickly, current indicators suggest that an altcoin season is not likely to materialize in the near term.
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