Impressive Gains for Altcoins, but Altcoin Season Not Yet Announced
Several alternative cryptocurrencies have experienced significant increases in value recently. For example, bittorrent (BTT) surged by 35.48% in the past 24 hours, while bonk (BONK) climbed 24.62% against the U.S. dollar.
Other digital currencies such as ADA, AVAX, KLAY, ALGO, and DOT also saw double-digit gains. SAND increased by 9.59%, and FTM grew 8.95%. LINK, TRX, MATIC, and TON were also notable gainers.
Despite these surges, the market value is currently at $1.64 trillion, still needing another $360 billion to reach the $2 trillion threshold. The ‘Altcoin Season Index’ on blockchaincenter.net indicates that the anticipated altcoin season has not yet arrived.
Criteria for an Altcoin Season
The criteria for an Altcoin Season is that 75% of the top 50 coins outperform bitcoin in the last 90 days. However, this benchmark has not been met so far. The last time it occurred was in September 2022.
During the past three months, a total of 23 different cryptocurrencies have outperformed BTC in the market. Leading the pack was WEMIX, which surged by an astonishing 543%. RUNE and SOL followed closely with increases of 318% and 304%, respectively.
Bitcoin, on the other hand, ranked 24th with a respectable 69.8% gain in the same period. While blockchaincenter.net has not officially declared Altcoin Season, many enthusiasts are eagerly awaiting its arrival.
Hot Take: Altcoin Season Still Not in Full Swing
Bitcoin saw a modest increase of 1.8% in the past 24 hours as of Dec. 9, 2023. Meanwhile, more than 17 crypto assets experienced much larger gains, ranging from 7% to over 35% in the same timeframe. Despite this rise in various altcoins against the U.S. dollar, current trends have yet to signal the start of an official ‘Altcoin Season,’ as suggested by the ‘Altcoin Season Index.’ Notably, such a season has not occurred since September 2022.
Despite the impressive gains seen in altcoins, the criteria for an Altcoin Season have not been met. While some tokens have outperformed bitcoin in recent months, the majority of the top 50 coins have not. As a result, the anticipated Altcoin Season has not yet arrived. However, enthusiasts remain optimistic and eagerly await the potential onset of this market trend.
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