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
$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.
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.
Solana was responsible for the 3 month old Solana
SOL
$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.
LINK
Ticker in the red
$14.42
Link has also returned 26% in 6 days. Link also made a 26% return in 6 days.
Bitcoin price avoids $36,000: New BTC levels to watch for
BNB also delivered a great performance.
BNB Ticker in the red
$247
Cardano
Ticker in the red
$0.362
Tron
Ticker in the red
) $0.0981
Polygon
declines
$0.8209
It also achieved double-digit growth in a 60-day period.
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.
