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This is our weekly quant Market Structure report. We start top-down to judge whether we are in an altcoin season, then work through the sectors and pick out opportunities in individual coins.
Altcoin season is still on. Our altcoin season index stands at 60.7%, well above the 30% line that marks the start of a season, and the median correlation of altcoins to Bitcoin has fallen to 0.50. However, the rally is getting stretched. The share of coins above their 50-day moving average has dropped from above 75% to 65.2%, and profit-taking is spreading.
Only two sectors are still holding up over both the past month and the past week. In each of them, one coin has more than tripled in a month on news that is either unconfirmed or of doubtful value to the token.
Below, we show which sectors are losing money and which coin we prefer of the two. We also explain why we would not add to altcoins at this point and which signal would change our view.
We show which sectors are strongest and which are weakest, and where we would focus while altcoin season lasts.
Altcoin Season Index
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