Solana (SOL), Avalanche (AVAX) and dYdX make double-digit gains as Bitcoin returns $37K.
In the year On November 15, several altcoins continued to show strength alongside Bitcoin (BTC), which hit an intraday high of $37,400. Leading into the week, DYDX, Solana's SOL ( SOL ) and Avalanche's AVAX ( AVAX ) are currently reflecting double-digit gains, each following new year-to-date highs.
The continued bullish price action from altcoins has led some analysts to declare that the altcoin era has arrived, and at the time of writing, the total market capitalization of the altcoin market has peaked at $659.5 billion in 2023.
Altcoin price rallies typically involve many factors, some based on sentiment and others based on project fundamentals. Let's take a look at some of this week's top market performers to see what the reasons behind their growth are.
dYdX will increase the charge conversion rate
The platform behind the DYDX token is dYdX, a decentralized exchange that offers futures contracts on the Ethereum virtual machine for tokens such as Ether (ETH). On October 27th, dYdX launched the Layer-1 blockchain by creating its seed block, which will be powered by dYdX tokens. The start-up enabled chain distribution for all payments received. The protocol update has been great for DYDX price, sending it over 110% over the past 30 days.
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In addition to token price appreciation, the DIDX platform is posting high user numbers, including increased fees and revenues. Both metrics increased 77.5% to $8.67 million in 30 days. Annually, this could mean $105.5 million in payments to auditors and stakeholders.
SOL price reached another 2023 high
Solana's SOL token had an impressive 30-day return profile, gaining over 166%. Despite hitting a 2023 high on November 10, Solana's price is still less than 4x its $259.96 peak.
Solana's price growth has been powered by increased users, led by its high-performance decentralized application on the blockchain, Gito, a liquid statistics platform. Solana's daily active users also reached a peak of 200,000 on November 10, 2023. With the increase in users, Solana's revenue exceeded $1 million in 30 days, a growth of 78.2 percent.
Avalanche's AVAX token picks up steam.
Avalanche is a layer-1 blockchain similar to Solana, where validators process transactions and receive tokens. Compared to Solana and DIDX, Avalanche brings in less revenue, but that didn't stop it from continuing its double-digit run this week.
Although relatively small, AVAX is performing well. Over the past seven days, AVAX has gained over 59%, and has posted an impressive 118% gain over the past 30 days. The value of AVAX is still more than 7x its all-time high.
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While these three altcoins are doing well, Bitcoin continues to dominate the overall market, with its dominance hovering over 50% since October 16.
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.
