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The cryptocurrency market generally swings between two seasons: Bitcoin (BTC) and altcoins (Alt). This refers to periods when one is dominant over the other. Recent data shows that interest in Alt Season has faded, and it is no longer sparking excitement among investors.
Notably, the interest in the altcoin season is easily monitored from Google Trends. A look at the data reveals a massive drop in interest from web users. The interest is at very low levels of 13. This is a massive crash from its Aug. 13 figures, when it hit 100.
The dramatic decline suggests that investors are no longer as pumped by the altcoin season as they used to be. Interestingly, search interest has been fluctuating in the buildup to this crash. For instance, search interest jumped from 15 on July 20 to 64 on July 21. However, six days later, on July 27, it plummeted to 24.
The data reveals that the highest interest in the altcoin season came from the San Marino region. It is followed by Malta and Azerbaijan. According to interest by city, Singapore leads the pack.
This development could indicate that potential investors are more focused on acquiring Bitcoin. According to the data, the decline in interest started from Aug. 13, the same day BTC hit its new all-time high (ATH) of $124,457.12.
Despite the dip in altcoin season interest, Ethereum (ETH), the leading asset in the category, has had good performance. In the last 30 days, the altcoin has gained 16.26% in price, with many anticipating it could set a new ATH.
Other altcoins like XRP have also gained regulatory clarity following the settlement between Ripple and the U.S. Securities and Exchange Commission (SEC).
