A Wave of Positivity Sweeps Through the Crypto Market
If you are an active participant in the crypto market, you may have noticed a wave of green across the entire crypto market recently. This positive movement is sparking discussions among traders on X (formerly known as Twitter) who are predicting that a new altcoin season has arrived.
Altcoin season, or ‘altseason,’ refers to the time when altcoins rally and experience a positive increase in market capitalization. Let’s take a look at some key indicators that are used to determine whether or not an altcoin season has emerged.
Total Crypto Market Capitalization Hits 14-Month High
The total crypto market cap has recently hit a 14-month high, indicating the current bullish momentum in the market.
Crypto total market cap broke out to its highest levels in over 14 months. pic.twitter.com/0c6CPxDSfQ
— TradingView (@tradingview) November 6, 2023
A similar positive trend is observed in the total altcoin market capitalization chart (TOTAL2), which measures the crypto market cap minus Bitcoin (BTC). Since Sept. 8, this metric has surged from $526 billion to $622 billion on Nov. 9. This indicates growing interest and investment in altcoins and an increase in their prices.
Large-Cap Altcoins Show Strength
Data from CoinMarketCap reveals that the top 13 altcoins by market cap (excluding stablecoins) have experienced double-digit gains within the last 30 to 60 days. Ripple (XRP), for example, has gained 45% in the past 60 days following legal victories against the SEC and rumors of an upcoming IPO announcement.
Solana (SOL) and Chainlink (LINK) have also shown significant returns of over 100% within a 60-day period due to consistent building and usage. Other notable performances came from BNB (BNB), Cardano (ADA), Tron (TRX), and Polygon (MATIC).
Hot Take: Is Altseason Upon Us?
Whether it is truly altseason or not, it is evident that excitement is returning to the crypto market as investor sentiment improves, making it an exciting time for traders and investors alike.
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