- Over the past 30 days, 75% of altcoins outperformed Bitcoin, indicating that July is altcoin month.
- Bitcoin’s declining dominance and higher returns on altcoins have fueled the July alt season.
- Altcoins tend to rally when the tech-heavy US Nasdaq index climbs, as it pushes closer to it's all-time high of 15,871 points alt season is kicking in.
Alt season is a brief period where money flows out of Bitcoin and into altcoins and results in an increase in price for cryptocurrencies. According to a tracker by Blockchaincenter.net, July is altcoin month.
Altcoins outperform Bitcoin in July, kicking off alt season
The alt season tracker at Blockchaincenter.net requires 75% of the top 50 cryptocurrencies to perform better than Bitcoin over a 30-day period to confirm that alt season is in. Over the past thirty days, excluding stablecoins and asset-backed tokens, assets in the top 50 have consistently outperformed Bitcoin.
Top 50 altcoins’ performance tracked by Blockchaincenter.net
Altcoin month July
Bitcoin’s dominance declined from 48.02% to 46.55% over the past thirty days, acting as a catalyst that drove altcoin prices higher and fueled capital rotation from BTC to alts. Moreover, Ripple’s partial win against US financial regulator Securities and Exchange Commission (SEC) fueled a rally in altcoins like Chainlink (LINK), Solana (SOL) and Polygon (MATIC), among others.
Typically, altcoins have rallied when US tech-heavy Nasdaq rallied. The index is at 14,084 at the time of writing, inching closer to its all-time high of 15,871 from December 2021. This could be a signal of an incoming alt season in Q3 of 2023.
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