Is It Already High Season? Altcoin Performance Over the Last 30 Days and Market Capitalization Are Bullish

Is It Already High Season? Altcoin Performance Over the Last 30 Days and Market Capitalization Are Bullish

The​ crypto market has experienced a ⁣green wave and soon traders on X, the social platform formerly called Twitter, will declare that ⁣a brand new season for altcoins has begun.

Altcoin season or “Altseason” ‌as the crypto bros call it, is a measure ⁤of altcoin recovery and an increase in the market capitalization‌ of all altcoins.

Check out the key ​indicators used by market participants to determine whether an altcoin era has begun.

Total crypto market​ cap hits new high.

The crypto market cap recently hit a 14-month⁢ record⁢ high, ​indicating​ the current bullish trend.

The total altcoin chart (TOTAL2) shows similar strength. This metric‌ measures ​crypto market cap minus Bitcoin

⁤ BTC

ticker

$36,554

.

Since September 8th, the ​value of the⁣ metric has increased from $526 billion to $622 billion on ⁢November⁤ 9th. This change reflects increasing interest in altcoins from traders and investors as well as an increase in price.

Total crypto market capital minus Bitcoin. Source: TradingView

Large-cap altcoins show multi-week strength

CoinMarketCap data shows ⁤that the The 13 largest altcoins (excluding stablecoins) experienced double-digit growth by market capitalization over the past 30 to ‌60 days.

Ripple is a good example.

‌Ripple is rumored to announce its IPO on November 9th, in‍ addition to ⁣legal successes that have helped⁤ improve investor sentiment. ⁣

Top altcoin performers. Source: CoinMarketCap

​ ⁤ Solana was responsible for the 3 month old Solana

SOL

ticker

$45

Sam Coin has started to lose the “Sam Coin” moniker. Sam‍ Coins are cryptocurrencies pegged to Alameda Research FTX and Bankman-Fried. The price of SOL⁢ has⁤ risen over 107% in the ⁣last 60 ⁢days as the project rebuilds and gains users following the collapse of FTX. Arthur Hayes, co-founder of BitMEX exchange and Solana altcoin buyer, recently announced that he purchased the altcoin in November.

Chainlink is similar to Solana

LINK

​ Ticker in the red

$14.42‍

⁤Link has⁣ also returned 26% in 6 days. Link also made a 26% return in 6 days.

Related:

⁤ Bitcoin price avoids $36,000: New BTC levels to ⁢watch for

BNB also delivered a ‌great performance.

BNB Ticker⁤ in the red

$247

⁢ Cardano⁣

ADA

‍ Ticker in the red

$0.362

Tron ‌

TRX

Ticker in the red

) $0.0981

‍ Polygon

MATIC

declines

$0.8209

It also achieved double-digit growth in a 60-day period.

Investor sentiment appears to be improving as altcoin markets perform better. The Fear & Greed Index is a good indicator of market sentiment. ‍The ⁣market started September with fear, but on October 23rd ⁤it ⁢turned into greed and has not reversed.

Fear and Greed Index. Source: Newhedge

It’s obvious that the crypto market is once again buzzing with excitement, whether it’s ‍a real peak⁢ season or ⁣not.

This article does not constitute a recommendation⁣ or ​investment⁢ advice. Every investment or trading decision carries⁤ a certain degree of risk. Readers should do their own research before making a final decision.

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