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I just checked CoinMarketCap's Altcoin Season Index, and it's currently at 48, which is still a bit low. I heard that this index is used to gauge the altcoin market trend; a score above 75 indicates a true altcoin season, so it doesn't seem to be there yet.
The logic behind this indicator is actually pretty interesting. It compares the top 100 cryptocurrencies (excluding stablecoins and wrapped tokens) with Bitcoin to see which has performed better over the past 90 days. If altcoins collectively outperform BTC, the index will go up. With a score of only 48 now, it shows that mainstream coins are still lagging behind Bitcoin's pace.
It seems like we might have to wait a bit longer for a real altcoin season, unless some catalysts come along to help smaller coins turn things around.