Crypto markets are notorious for volatility and we have seen that volatility in the altcoin market over the past two weeks. We saw a bit of an alt season in the market especially last March when the price of Bitcoin reached its all-time high. After that we saw the price of points fluctuate but the price of altcoins has been on a downward trend for the past two weeks. However, the recent drawdown among altcoins may indicate a relative momentum bottom. And if history repeats itself we may soon see a coordinated take-off.
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[source](https://pixabay.com/illustrations/bitcoin-crypto-cryptocurrency-6934559/)
Altseason has not yet started though and it is still down. But the Altseason Index shows that the recent washout was probably below a relative pace when it hit around ten percent. Such information has come out through Crypto Top 200 Equal Weight Index. Crypto Top 200 Equal Weight Index is an equal weight index. It is an equally weighted opportunity that seeks to track the performance of the top 200 cryptocurrencies by market capitalization in Bitcoin. However, this indicator shows that it is still bearish. Even now the Altseason index has reached a low of 10%.
However, we saw Bitcoin price reach all-time highs in March last year, followed by periodic declines, and this month saw Bitcoin price once again in a downward trend. We have seen Bitcoin price trade around $53k this month. As a result, the prices of altcoins were significantly lower along with the downward trend of Bitcoin. However, due to Bitcoin breaking through the 58k resistance over the last two days and currently trading around 63k, we are again seeing some good volume in the altcoins and these are pointing to higher prices and many coins are up 10 to 20 percent or so. Pumping on it. But the important point here is that Altcoins may still bounce around these levels for some time before we see a concerted take-off. Because of these many have started making decent bases in the present time.
But another important point here is that altcoins are not yet outperforming Bitcoin but Bitcoin itself. Although the dominance of some coins surpassed Bitcoin to around 37 percent but if we want to see the all season it must be around 75% dominance. Although the signs of the altcoin season are starting to converge, it may be too early to call. However, if the price of Bitcoin is currently in the position it is in and can break the upper resistance, then we can see the price of Bitcoin again in an upward uptrend, thus a good amount of volume can enter into the altcoins. As a result we may see a shorter offseason. But currently there are quite a lot of positive news coming in the market and if this continues we will soon see an uptrend in the market and get an indication of the start of the off season.
