Is it altseason? Altcoin 30-day performance and total market cap flash
A wave of green has washed over the entire crypto market, and it won't be long before traders on X (formerly Twitter) start declaring that a new altcoin season has arrived.
Altcoin season – or “altseason,” as crypto bros say – typically measures the rally of altcoins and a positive increase in the total market capitalization of altcoins.
Let's take a look at some of the key indicators that market participants use to determine whether or not an altcoin season has emerged.
The total crypto market capitalization reached a 14-month high
The crypto's overall market value recently hit a 14-month high, clearly indicating the current bullish trend.
Crypto's total market cap has reached its highest level in more than 14 months. pic.twitter.com/0c6CPxDSfQ
— TradingView (@tradingview) November 6, 2023
Similar strength can be seen in the altcoin total market cap chart shown below. The metric measures the crypto market capitalization minus Bitcoin (BTC).
As of September 8, the measure reached $622 billion from $526 billion on November 9. The change shows the increasing interest of traders and the investment interest in altcoins, with the increase in the value of altcoins in measurement.
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Large cap altcoins show multi-week strength
Data from CoinMarketCap shows the top 13 altcoins in market value (excluding stablecoins) reflecting double-digit gains over the past 30 to 60 days.
In particular, Ripple's XRP (XRP), which has won several legal battles against the Securities and Exchange Commission, has gained 45% in the past 60 days. Among the legal victories that will help boost investor sentiment, Ripple is rumored to announce an initial public offering (IPO) on November 9.
Over the past three months, Solana's SOL (SOL) has rallied sharply and is starting to lose its “Sam Coin” moniker. Sam Coins is a cryptocurrency with exposure to Alameda Research, FTX and Sam Bankman-Fried. The price of SOL has increased by more than 107% in the last 60 days, as the project has been able to rebuild and find users after the collapse of FTX. BitMEX exchange co-founder Arthur Hayes recently joined the Solana bandwagon, announcing his purchase of the altcoin on November 2nd.
Similar to SOL, Chainlink LINK (LINK) has seen over 100% 60-day returns due to consistent building and usage. LINK returned 26% in six days.
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Other notable performances came from BNB ( BNB ), Cardano's ADA ( ADA ), Tron's TRX ( TRX ), and Polygon's MATIC ( MATIC ), which posted double-digit gains over the 60-day period.
The performance of the altcoin market seems to coincide with the improvement in investor sentiment. One measure of market sentiment is the Crypto Fear and Greed Index. Having been fearful since September, the market turned greedy on October 23 and has not changed.
Whether it's actually altseason or not, it's clear that excitement is returning to the crypto market.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
