Is it altseason? Altcoin 30-day performance and total market cap flash bullish
A wave of green has washed across the entire crypto market, and it won’t be long before traders on X (the social platform formerly known as Twitter) begin to explain that a new altcoins season has arrived.
Altcoin season, or ‘altseason’ as the crypto bros say, typically measures the rallying of altcoins and a positive market capitalization increase of the total altcoin market cap.
Let’s take a look at some key indicators that market participants use to determine whether or not an altcoin season has emerged.
The total crypto market cap recently hit a 14-month high, clearly reflecting the current bullish momentum.
Crypto total market cap broke out to its highest levels in over 14 months. pic.twitter.com/0c6CPxDSfQ
Similar strength is seen in the total altcoin market capitalization chart (TOTAL2). The metric measures the crypto market cap minus Bitcoin (BTC).
Since Sept. 8, the metric has springboarded from $526 billion to $622 billion on Nov. 9. The change shows traders’ growing interest and investment interest in altcoins, along with an increase in the prices of altcoins within the metric.
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Data from CoinMarketCap shows the top 13 altcoins by market cap (excluding stablecoins) reflecting double-digit gains within the last 30 to 60-days.
In particular, Ripple (XRP), which has won a host of legal battles against the Securities and Exchange Commission (SEC), witnessed 45% gains in the past 60-days. On top of the legal victories that helped to boost investor sentiment, it is rumored that Ripple will be announcing an IPO on Nov. 9.
For the past 3-months, Solana (SOL) has rallied significantly and started to lose its “Sam coin”
Read more on cointelegraph.com
