Altcoin Season Continues to Show Strength
If you’ve been keeping an eye on the crypto market, you’ll notice that several altcoins are showing strength alongside Bitcoin. DYDX, Solana’s SOL, and Avalanche’s AVAX have all reflected double-digit gains and are chasing new year-to-date highs. The total market capitalization of the altcoin market has reached a 2023 high at $659.5 billion, leading some analysts to declare the arrival of an altcoin season.
dYdX Fee Switch Boosts Price
The platform behind the DYDX token is dYdX, a decentralized exchange offering futures contracts on Ethereum Virtual Machine blockchain tokens like Ether (ETH). The recent launch of its layer-1 blockchain with native DYDX tokens has sent its price up over 110% in the past 30 days. In addition to token price appreciation, the dYdX platform is posting substantial user numbers and increased fees and revenues.
SOL Price Hits Another 2023 High
Solana’s SOL token has gained over 166% in the past 30 days, reaching a 2023 high on Nov. 10. Its price growth has been powered by an uptick in users, with daily active users hitting a new high and revenue eclipsing $1 million in 30 days.
Avalanche’s AVAX Token Picks Up Steam
Avalanche is a layer-1 blockchain similar to Solana, experiencing impressive growth despite bringing in less revenue than its counterparts. In the past seven days, AVAX reached above 59% in gains and hit an impressive 118% growth in 30 days.
Hot Take: Altseason on the Horizon?
While these three altcoins are performing well, Bitcoin continues to dominate the overall market. However, when Bitcoin dominance decreases, funds typically flow into altcoins, signaling the start of an altseason. With continued strength from altcoins like DYDX, SOL, and AVAX, it may be time to keep a close watch for further market developments.
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