"Hmm, is the altcoin season about to happen soon or later?"
Unbeknownst to me, altcoins led by memecoins and artificial intelligence (AI)-themed cryptocurrencies have finally managed to outperform Bitcoin (BTC) over the past week, leading to a debate whether or not the altcoin season has arrived.
The altcoin showed significant strength when its total market capitalization rose above $1.1 trillion, so here it can be seen that its value over the past three months has jumped 64% from $697 billion to $1.14 trillion as of March 7, 2024.
Please note that the climb proves that investor interest is increasing, so the rise of memecoin and AI over the last week could be a sign that the crypto market is now at the beginning of the altseason.
There is no denying that the altcoin season index has risen over the past few days, but it is still not enough to declare altcoin season plus the indicator shows that only 69% of the 50 altcoins have outperformed BTC in the past 90 days.
However, K33 Research thinks that could change soon as BTC's surge towards new highs sees its market cap double the value of all cryptos except BTC and Ethereum (ETH).
Independent analyst CrediBULL says the altcoin season won't happen until BTC pauses after breaking the previous all-time high and then doubles in a few weeks, or the altcoin crashes immediately.
Even so, the founder and Chief Executive Officer (CEO) of MN Trading Consultancy Michael van de Poppe believes that the altcoin season has not yet begun as it still has 40% to 60% of the market capital before reaching the highest level of 2021 above $1.1 trillion.
On the other hand, Cardano (ADA) founder Charles Hoskinson is confident that the altcoin season will begin as soon as Dogecoin (DOGE) overtakes ADA in market capitalization.
