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Just noticed the altcoin season index dropped to 43 today - that's down 1 point from yesterday. For those not familiar, this metric tracks when 75% of the top 100 cryptocurrencies (minus stablecoins and wrapped tokens) actually outperform Bitcoin over a 90-day window. When that happens, you're in altcoin season.
So where does 43 put us? Honestly, it suggests we're still not really in a strong altcoin season environment. The index has been relatively subdued, which means most alts are still lagging behind Bitcoin's performance. This is pretty typical in phases where BTC dominance stays elevated.
If you're waiting for a real altcoin season to kick in, you'd want to see this index push significantly higher - that's when the broader market really starts rotating into alt positions. Right now it's more of a Bitcoin-focused market.