Social media posts about the “altcoin season” have dropped significantly in recent weeks, according to an analysis by The Tie. The analysis firm revealed that, although claims were increasing from June to September, the Bitcoin drop below $ 8,000 almost completely eliminated the “altcoins” topic.
This is a surprising evolution, given that the dominance of Bitcoin on the market in previous months had reached the level of 70%. At that time, there was talk of the possibility that the altcoins could regain the lost ground.
With Bitcoin dropping below $ 8,000, however, mentions of the “altcoins season”, expected in the last quarter of the year, have reached the lowest level recorded so far.
Some cryptocurrencies have performed relatively well compared to the rest of the market, but apparently the enthusiasm of investors is unmatched. TheTIE analysts said:
“After being maintained at a constant level between June and September, the mentions about the altcoins season on social media dropped rapidly in October to the lowest level recorded.”
The failure of the KIN token reminded investors that some altcoins remain extremely risky, despite big promises.
There are still hopes
An “altcoin season” usually involves a decline in BTC dominance, which has dropped from over 70% to about 66% in the last two weeks.
Some assets also show significant liquidity. Currently, BTC receives more than $ 2 billion in revenue from Tether (USDT), but major altcoins attract nearly the same amount of liquidity. In addition, problematic tokens were removed from the market following pressure from US regulators.
Despite the low expectations, there are still chances for the altcoin season. In addition, Bitcoin’s fear and greed index dropped again to 27 points, after reaching a recent peak at 41 points. Currently the index is at 39 points.
This means that optimism about BTC is declining, which leaves room for investment in altcoins.
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