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The CoinMarketCap Altcoin Season Index now sits below 40, signaling that altcoins continue to underperform relative to Bitcoin. What’s next?

The CMC Altcoin Season Index is a tool that helps determine whether the market is in altcoin season or Bitcoin btc-1.21% Bitcoin season by tracking the performance of the top 100 cryptocurrencies over the past 90 days. When 75% or more of these altcoins outperform Bitcoin, the market is considered to be in altcoin season.

In December 2024, the index hit 64, signaling the start of altcoin season. However, since the beginning of January, the index has remained just above 40 and is now showing signs of further decline. As of Feb. 17, the index stands at 36, indicating that Bitcoin is currently leading the market.

Despite the continuous market volatility, Bitcoin has demonstrated remarkable strength, staying above $96,000. The direction of the larger market may be determined by Bitcoin’s next action. Despite the overall optimistic tone, Maartunn, an analyst with CryptoQuant, seems to disagree.