A strong upward momentum has surged across the entire crypto market, leading many to believe that a new altcoin season is upon us. Altcoin season is a period when alternative cryptocurrencies rally, and their total market capitalization experiences a positive increase. Several key indicators are used to determine whether an altcoin season has emerged.
One significant indicator is the recent 14-month high reached by the total market cap of the entire crypto market. This reflects the current bullish trend and suggests growing optimism among investors. A similar strength is seen in the altcoin total market cap chart, which measures the crypto market cap minus Bitcoin. Since September 8, this metric has surged from $526 billion to $622 billion on November 9, indicating a strong interest and investment in altcoins.
Furthermore, data from CoinMarketCap shows that the top 13 altcoins (excluding stablecoins) have displayed double-digit gains in the last 30 to 60 days. Ripple’s XRP, for instance, has witnessed a 45% increase in value over the past 60 days, fuelled by legal victories and anticipation surrounding its rumored initial public offering (IPO). Similarly, Solana’s SOL and Chainlink’s LINK saw significant gains, with SOL even shedding its “Sam coin” moniker and rallying over 107% in the past 60 days.
The altcoin market performances appear to coincide with an improvement in investor sentiment as reflected in the Crypto Fear & Greed Index, which has transitioned from fearful to greedy since October 23. This shift in market sentiment suggests a growing excitement in the crypto market.
Despite these positive indicators, it is important to note that this article does not contain investment advice or recommendations. Every investment and trading move carries its own risks, and readers are encouraged to conduct their own research before making any decisions.
In conclusion, the recent surge in the crypto market reflects an increasing interest and investment in altcoins, prompting many to believe that a new altcoin season has arrived. The positive performance of various altcoins and the shift in investor sentiment suggest that excitement is indeed returning to the crypto market. Whether it is truly altseason or not is up for debate, but the data indicates a promising period for the cryptocurrency market.