Altcoin Season Index Rises to 28, Indicating Strong Bitcoin Dominance

Quick Summary:

What the Altcoin Season Index Means for Bitcoin and the Broader Crypto Market The Altcoin Season Index, a key metric that gauges the relative performance of altcoins compared to Bitcoin (BTC), has risen by two points to 28 as of November 6, 2024, according to CoinMarketCap (CMC).

Institutional Interest and Inflows: Bitcoin remains the primary choice for institutional investors due to its reputation as a store of value, often dubbed “digital gold.” With the launch of multiple Bitcoin ETFs, particularly in the U.S., institutional interest has driven significant inflows into BTC, which has helped maintain its market strength.

The Altcoin Season Index is a measurement tool that tracks the performance of the top 100 cryptocurrencies on CoinMarketCap, excluding stablecoins and wrapped tokens, relative to Bitcoin over a specified period.

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Article Details

Author / Journalist: Sonam Aggarwal

Category: Crypto

Markets: India

Topics: Crypto News Altcoin Season Index Bitcoin Season

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-06 @ 20:35:32 (10 hours ago)

News Timezone: GMT +8:00

News Source URL: bitcoinworld.co.in

Language: English

Article Length: 939 words

Reading Time: 6 minutes read

Sentences: 41 lines

Sentence Length: 23 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © BitcoinWorld

News ID: 23452374

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