Altcoin index points to broader market shift
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- CoinGlass's Altcoin Season Index has climbed to 58 from a June high of 64.
- Bitcoin's market dominance has weakened as some investors shifted into altcoins.
- Analysts say the index must rise above 75 to confirm a true altcoin season.
CoinGlass's Altcoin Season Index has risen to 58, suggesting more money is moving from Bitcoin (CRYPTO:BTC) into altcoins.
The index measures how many leading cryptocurrencies have outperformed Bitcoin over the past 90 days.
Analysts say a reading above 75 is needed before the market can be called a true altcoin season.
Bitcoin's market dominance fell from about 58% to near 54% in early July before recovering to around 56%.
Some institutional investors also shifted money into Ether (CRYPTO:ETH), Solana (CRYPTO:SOL) and XRP (CRYPTO:XRP) investment products while Bitcoin funds recorded outflows.
Analysts say the current trend shows growing momentum for altcoins, but not enough to confirm a full market rotation.
At the time of reporting, Bitcoin price was $62,694.62.
