The cryptocurrency market has been rallying steadily since the end of 2022 when Bitcoin hit the $15,500 zone.
Bitcoin has come a long way from this slump and is now trading steadily above the $50,000 zone.
Normally, the Bitcoin and altcoin seasons usually come in cycles, and while Bitcoin has dominated most of the market's bullishness over most of the last year and a half, investors are starting to wonder:
Could the altcoins be at, or close to their season yet?
Here are all of the signs why the altcoins may or may not have the floor yet.
One of the biggest factors that help us determine whether we are in a Bitcoin or altcoin market is Bitcoin's dominance.
At the time of writing, TradingView data shows that Bitcoin's dominance currently sits at around 53%.
This is nowhere as high as Bitcoin's 69% from January 2021 but still shows that Bitcoin controls more than half of the crypto market's capitalization.
This indicates that investors (retail, whales and institutional ones) are more invested in Bitcoin than they are in altcoins.
Ergo, an altcoin season might be a little bit farther out than we think.
To add further confusion to the mix, the altcoin season index from Blockchair shows that we might be very close to an altcoin season.
The altcoin season index currently shows a level of 61%, indicating that we are not in said altcoin season yet.
However, this figure is also more than 50%, indicating that the altcoin season is more in view than the Bitcoin season.
How exactly is an altcoin season supposed to happen, when Bitcoin still has more than half of the market's capitalization?
If we do enter an altcoin season though, Blockchair data shows that some of the best-performing cryptocurrencies over the last 90 days include SEI (410% gains), STX (332.3%), Beam (287.2%) and ORDI (211%).
Some of the biggest losers include CRO, XRP, Rune and XMR.
Another indicator of a possible altcoin season might be the price performance of Ethereum.
Ethereum typically rallies after Bitcoin does, as investors pull funds out of one cryptocurrency and invest in the other.
At the time of writing, Ethereum trades at around $2.933, and Tron founder, Justin Sun appears to believe that the cryptocurrency can continue further upwards.
According to LookOnChain, "someone" bought a total of 54,721 $ETH (worth $154.4M) from Binance and several DEXs very recently.
This "someone", according to speculation, is believed to be Justin Sun, considering their transaction history with Ethereum and USDT, between HTX and Binance.
Whether this whale is Justin Sun or otherwise, the recent transaction indicates a great deal of institutional interest in Ethereum's prospects, considering its impending break above the $3,000 zone.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.