You didn’t see this coming!
In a surprising twist in the crypto world, altcoins have stolen the spotlight, outperforming Bitcoin by a wide margin with gains ranging from 5% to 10%. At the same time, Bitcoin has stayed relatively stable, hanging around the $35,000 mark. This sudden resurgence of altcoins has sparked lively discussions about the possibility of an upcoming “altcoin season.”
Is it finally here?!
Some big-name altcoins have been posting impressive gains, signaling renewed enthusiasm among crypto investors. For instance, Ripple’s XRP experienced a notable surge, shooting up by nearly 10% in just one day.
This surge was attributed to key approvals that allowed Ripple to operate and offer services in Georgia and Dubai, propelling XRP to become the fourth-largest cryptocurrency by market capitalization, surpassing Binance’s BNB.
Other prominent altcoins like Cardano’s ADA, Avalanche’s AVAX, Dogecoin (DOGE), Chainlink’s token (LINK), and UniSwap’s token (UNI) have also seen positive movements, recording gains between 5% and 6% in the past 24 hours.
Read More: Altcoins Gain $106 Billion in 4 Weeks: Is It Time to Buy?
Adding to the altcoin excitement, the token of the non-fungible token (NFT) marketplace Blur (BLUR) saw an impressive 32% increase in just one day. Remarkably, it has doubled in value over the past month, coinciding with the platform’s plan to distribute 300 million tokens in an upcoming airdrop on November 20.
The diminishing dominance of Bitcoin in the cryptocurrency market is an important trend to watch, suggesting the potential arrival of an altcoin season. Notably, Bitcoin’s market capitalization dominance has slipped from 54.3% in late October to 52.5% as of Monday, indicating growing interest in altcoins.
This shift towards riskier assets comes as the Federal Reserve considers ending its rate-hiking cycle.
Investment advisory firm ByteTree believes that an “alt season” may be on the horizon. They’ve adjusted their model portfolio, reducing Bitcoin’s weight and adding altcoins like NEAR’s token (NEAR), Stacks (STX), LINK, and XRP.
Altcoins Shine Bright
According to data from Blockchaincenter, 57% of the top 50 digital assets have outperformed Bitcoin in the past 30 days, and 33% have done the same over the past 90 days. These figures come close to the widely recognized 75% threshold that often signifies the commencement of an altcoin season.
Read More: Short-Term Altcoin Surge: What’s Driving the Market This Month?
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