Altcoin Surge Outshines Bitcoin’s Modest Gain Amid Anticipation of Potential Altcoin Season

Share This Post

Altcoin Surge Outshines Bitcoin's Modest Gain Amid Anticipation of Potential Altcoin Season

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 Altcoins’ Impressive Gains, Altcoin Season Not Yet Declared

Several alternative digital currencies, or crypto tokens distinct from bitcoin, have registered notable increases in value over the previous day. Statistics indicate that the token bittorrent (BTT) surged by 35.48% in the past 24 hours, while bonk (BONK) climbed 24.62% against the U.S. dollar.

ADA, AVAX, KLAY, ALGO, and DOT all posted double-digit gains. SAND increased by 9.59%, and FTM grew 8.95% over the last day. Other notable gainers include LINK, TRX, MATIC, and TON.

Currently, the market value stands at $1.64 trillion, necessitating an influx of $360 billion to attain the $2 trillion threshold. Although altcoins are experiencing a surge, the ‘Altcoin Season Index‘ on reveals that the anticipated season has yet to arrive.

Altcoin Surge Outshines Bitcoin's Modest Gain Amid Anticipation of Potential Altcoin Season

The criteria for an Altcoin Season is that 75% of the top 50 coins outperform bitcoin in the last 90 days. This benchmark has not been met so far. The last time it did happen was 14 months ago in September 2022.

Over the last three months, a total of 23 unique digital currencies have outperformed BTC in the market. Leading the pack, as per the index, was WEMIX, which astonishingly surged by 543%. Following closely were RUNE and SOL, with impressive increases of 318% and 304%, respectively.

Bitcoin, in comparison, secured the 24th spot with a respectable 69.8% gain in the same period. Although has not formally declared it Altcoin Season, this hasn’t deterred enthusiasts from anticipating its arrival in the near future.

What do you think about the recent altcoin rally? Share your thoughts and opinions about this subject in the comments section below.

Read Entire Article

Related Posts

Solana, Chainlink Among Coins With Overheating Open Interest: Data

Data shows Solana and Chainlink are among the top cryptocurrencies that have observed growth in Open Interest to relatively high levels Solana & Chainlink Have Their Open Interest At Notable

Gaunt photos of FTX founder Sam Bankman-Fried in prison emerge online

The first photos of Sam Bankman-Fried, the convicted founder of the bankrupt FTX exchange, at New York’s Metropolitan Detention Centre, have emerged online from crypto influencer Tiffany Fong

Ethereum Receives Nod Of Approval From Berstein: ETH Price Will Reach $10,000

Global asset management firm, Bernstein has expressed confidence, foreseeing a fairly strong chance of the United States Securities and Exchange Commission (SEC) approving an Ethereum Spot ETF  

Really Now? Bitcoin Will Hit $100,000 This June 2024, Finance Guru Predicts

Financial guru Robert Kiyosaki has ignited the crypto community with his latest price prediction, claiming Bitcoin will hit $100,000 by June 2024 However, experts urge caution, reminding investors of

Nearly 450,000 BTC acquired by short-term holders since December

Quick Take Short-term holders (STHs), defined by Glassnode as investors who’ve held Bitcoin for less than 155 days, have significantly bulked up their holdings since Dec 3, moving from

Deltec Bank Accused of Secretly Extending a $2 Billion Credit Line to Alameda Research

Deltec Bank and Trust Ltd, based in The Bahamas, stands accused of covertly extending a $2 billion line of credit to Alameda Research A lawsuit, filed by those who claim to be victims of Sam
- Advertisement -spot_img