Bitcoin Season Or Altcoin Season? Shiba Inu Exec Outlines What’s Happening

The debate over whether the crypto market is in Bitcoin Season or on the verge of Altcoin Season has dragged on for many months, especially due to Ethereum’s price action in the past few days. LUCIE, Shiba Inu’s marketing lead, recently touched on the matter, sharing insights on what’s currently happening, what to expect for an altcoin season, and when to anticipate a breakout in the Altcoin Season Index.

Altcoin Season Index Points To Bitcoin Dominance

Many traders and analysts have been closely watching the Altcoin Season Index, with posts on the social media platform X and news reports increasing in anticipation of a market-wide move that could favor altcoins against Bitcoin. Although the current market still tilts toward Bitcoin, signs of change are starting to emerge, especially with Ethereum now approaching the $4,000 price level.

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According to the Altcoin Season Index from BlockchainCenter.net, which was also shared by Shiba Inu’s marketing lead, the index is currently standing at 39, well below the 75 threshold required to confirm altseason. Notably, the data from BlockchainCenter.net shows that the index has been hovering in this range after bouncing from lower levels earlier in the year. As shown in the chart below, despite recent momentum from Ethereum and XRP, Bitcoin is still holding a dominant position in the total market cap.

Source: Lucie on X

At the time of writing, Bitcoin dominance is currently around 61%, above the 60% level that typically signals room for altcoins to take over. Interestingly, this is a notable reduction from Bitcoin’s 64.3% dominance from three weeks ago.

Lucie attributed this decline in Bitcoin dominance to alt momentum slowly gaining traction across various sectors, including major altcoins and meme-based projects. This gradual build-up, she suggested, could represent an accumulation phase. This is a familiar August pattern that’s mostly always seen before stronger altcoin rallies.

Eyes On September For Possible Breakout

Although the current readings confirm that it is still Bitcoin Season, Lucie believes everything may already be setting the stage for an altcoin breakout next month. The combination of a drop in BTC dominance and a surge in the Altcoin Season Index above 75 would officially mark the shift. For now, eyes are on this breakout. Particularly, Lucie noted a September window for a decisive move that could ignite a true altseason.