Potential New 'Altseason' Sweeps the Crypto Market Amidst Solid Altcoin Performance
Summary:
The cryptocurrency market is experiencing a bullish wave, indicative of a potential new altcoin season or 'altseason'. Key indicators such as the total crypto market and altcoin market capitalization have hit a 14-month high. Top altcoins like Ripple (XRP) and Solana (SOL) have seen significant gains, and overall market sentiment appears positive according to the Fear & Greed Index. The article urges readers to do their own research before making investment decisions.
There's been a sweeping green wave across the cryptocurrency market, indicating a possible arrival of a new altcoin season. Altcoin season, or 'altseason' as cryptocurrency enthusiasts call it, traditionally represents a rally in altcoins and an overall increase in the altcoin market cap. To figure out whether an altcoin season is upon us, market participants rely on certain key indicators. Recently, the total cryptocurrency market capitalization reached a 14-month high – a strong sign of the existing bullish momentum.
In line with this growth, the altcoin market capitalization (TOTAL2), which excludes Bitcoin (BTC), has also shown solid performance. The metric has jumped from $526 billion on September 8 to $622 billion on November 9. This growth reflects traders' increasing investment and interest in altcoins, alongside a price surge for these alternative digital currencies.
Sizeable altcoins have shown strong performance over the past few weeks. Data from CoinMarketCap highlights that the top 13 altcoins (omitting stablecoins) reflected double-digit gains over the past 30 to 60 days. Notably, Ripple (XRP), having emerged victorious from numerous legal contests with the Securities and Exchange Commission (SEC), has seen a 45% gain over the past 60 days. Fueled by this legal success and potential for an IPO announcement on November 9, investor sentiment seems to be buoyant.
Over the past three months, Solana (SOL) has seen significant growth, shedding its “Sam coin” label. This refers to cryptocurrencies associated with Alameda Research, FTX and Bankman-Fried. As the project seeks to rebound and accrue more users following the FTX failure, SOL price has risen over 107% in the past 60 days. Another strong performer is Chainlink (LINK), which has seen a more than 100% return over 60 days due to steady development and increased usage.
Other altcoins, including BNB (BNB), Cardano (ADA), Tron (TRX) and Polygon (MATIC), have also posted double-digit returns over the past 60 days. As indicated by the Fear & Greed Index meter, market sentiment seems to be improving; the shift from fear in September to greed on October 23 has seen no backslide.
While the debate continues over whether it's an actual altseason or not, the mounting excitement in the crypto market is palpable. This article makes no investment recommendations or advice. Investing and trading come with risks, and readers should conduct their own inquiries before making a decision.
Published At
11/9/2023 9:21:16 PM
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