Crptocurrency
Thailand Digital Currency Delay Investigation”
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Thailand’s government has postponed the rollout of a proposed digital currency initiative designed to invigorate its economy, all the while facing calls from opposition leaders for an investigation into this scheme.
The launch of Thailand’s planned digital wallet program, aimed at distributing 10,000 baht (approximately $274) to citizens over the age of 16, has encountered delays. Critics are urging the country’s electoral commission to initiate an inquiry, as reported by the Bangkok Post. Julapun Amornvivat, Thailand’s Deputy Finance Minister, announced that the scheduled February 2024 launch of the new digital wallet has been deferred to allow for further system development.
The Thai government’s intention is to utilize this digital wallet to disburse 10,000 baht to eligible citizens, a move aimed at rejuvenating the local economy. Amornvivat’s statement underscored the government’s need for additional time to ensure the security and reliability of the underlying system supporting the digital grant wallet. He emphasized that the launch remains on track for the first quarter of 2024.
According to local reports, the sub-committee responsible for the program is still deliberating on the source of funds for the initiative. The digital wallet scheme, proposed by the Pheu Thai Party, is estimated to cost 548 billion baht ($15 billion). The government had previously forecasted that the initiative would bolster economic growth by 5% in the following year. Amornvivat also suggested that the increased economic activity’s tax revenue would partially cover the program’s cost.
Former Thai Senator Rosana Tositrakul has emerged as a vocal skeptic of this project and has formally requested that the election commission investigate the scheme’s legality. With the Thai government contemplating the use of its national budget to finance the digital handout, concerns about inadequate funding and the potential need to take on debt to fund the initiative have prompted Tositrakul to scrutinize the scheme’s legal standing.
Altcoin Season Index Falls to 35, Signals Bitcoin Dominance
The Altcoin Season Index, a key metric for assessing cryptocurrency market trends, dropped to 35 as of November 21, 2024, according to data from CoinMarketCap (CMC). This two-point decline from the previous day solidifies the current Bitcoin Season, indicating that the majority of altcoins are underperforming compared to Bitcoin (BTC).
Understanding the Altcoin Season Index
The Altcoin Season Index measures how well altcoins perform relative to Bitcoin over a specified time period.
How It Works
- The index ranges from 1 to 100.
- Below 25: Strong Bitcoin Season (BTC significantly outperforms altcoins).
- Above 75: Altcoin Season (most altcoins outperform BTC).
- Between 25-75: A balanced market, with no clear dominance.
Calculation Criteria
The index excludes stablecoins and wrapped tokens and evaluates the performance of the top 100 cryptocurrencies by market capitalization over the past 90 days.
Current Trends: Bitcoin Season in Full Swing
1. Bitcoin Outperformance
With the Altcoin Season Index at 35, only a small percentage of altcoins have managed to outperform Bitcoin recently. This signals that Bitcoin continues to dominate the market as investor interest consolidates around the leading cryptocurrency.
2. Altcoins Lagging
Altcoins have seen slower price movements and reduced trading volumes compared to Bitcoin, reflecting a lack of momentum in the broader crypto market.
What Drives Bitcoin Season?
1. Institutional Investment in Bitcoin
Spot Bitcoin ETFs and increasing institutional adoption have funneled capital into BTC, driving its dominance.
2. Market Sentiment
The Crypto Fear & Greed Index remains in the “Extreme Greed” zone, with bullish sentiment heavily skewed toward Bitcoin.
3. Stability in Market Leaders
Bitcoin’s large market cap and established infrastructure make it a safer choice during periods of market consolidation.
Implications for Investors
Opportunities in Bitcoin Season
- BTC-Focused Strategies: Investors may find it beneficial to allocate more resources to Bitcoin during this phase.
- Hedging Risks: Bitcoin typically offers lower volatility than altcoins, serving as a more stable investment.
Challenges for Altcoins
- Reduced Liquidity: Lower interest in altcoins may lead to reduced liquidity and price stagnation.
- Selective Gains: Only a handful of altcoins with strong fundamentals or unique value propositions may outperform Bitcoin during this period.
Historical Context
Historically, Bitcoin Seasons often precede or follow major market events, such as:
- Post-Halving Rallies: Bitcoin’s reduced supply drives its price higher, outpacing altcoins.
- Market Consolidation: Investors seek refuge in Bitcoin during uncertain times.
- Institutional Trends: Large-scale BTC adoption often leaves altcoins playing catch-up.
FAQs About the Altcoin Season Index
1. What does an Altcoin Season Index of 35 indicate?
It suggests that Bitcoin is outperforming most altcoins, signaling a strong Bitcoin Season.
2. How often is the Altcoin Season Index updated?
The index is updated daily, based on the performance of the top 100 cryptocurrencies over the past 90 days.
3. What causes Bitcoin Season?
Factors like increased institutional investment, market sentiment favoring BTC, and reduced risk appetite among investors drive Bitcoin Season.
4. Should I invest in altcoins during Bitcoin Season?
Investing in altcoins during Bitcoin Season carries higher risk due to their underperformance relative to Bitcoin. Focus on altcoins with strong fundamentals.
5. How does Bitcoin dominance relate to the Altcoin Season Index?
Higher Bitcoin dominance often correlates with lower Altcoin Season Index scores, highlighting Bitcoin’s market leadership.
Conclusion
The Altcoin Season Index’s drop to 35 confirms Bitcoin’s dominance in the current market cycle. While altcoins struggle to keep pace, Bitcoin continues to attract the lion’s share of investor interest, driven by institutional adoption and strong market sentiment.
As the cryptocurrency market evolves, monitoring metrics like the Altcoin Season Index can provide valuable insights for strategic investment decisions.
For further analysis, explore Top Trends in Cryptocurrency Investing for 2024.
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Crptocurrency
Binance’s Trading Volume Exceeds $3.5 Trillion in 30 Days, Outperforms NASDAQ and NYSE
Growth Sense Venture Fund receives SEBI approval as Category 1 AIF
Crypto Fear & Greed Index Drops to 82, Remains in ‘Extreme Greed’ Zone
Altcoin Season Index Falls to 35, Signals Bitcoin Dominance
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