Giovanni Russo As of December 9, 2023, Bitcoin experienced a slight increase of 1.8% over the last 24 hours. In contrast, over 17 cryptocurrencies demonstrated significantly larger gains, with increases ranging between 7% and upwards of 35% within the same period. Although these altcoins have shown remarkable growth against the U.S. dollar, current market patterns haven’t yet confirmed the onset of a so-called ‘Altcoin Season,’ as defined by the ‘Altcoin Season Index.’ It is worth noting that the market hasn’t seen such a season since September 2022.
Altcoins Show Noteworthy Advances, But Official Altcoin Season Remains Unconfirmed
In recent developments, a number of altcoins, cryptocurrencies alternative to Bitcoin, have seen impressive growth. Over the past day, the cryptocurrency bittorrent (BTT) experienced a substantial surge of 35.48%, and bonk (BONK) increased by 24.62% relative to the U.S. dollar.
Cryptocurrencies such as ADA, AVAX, KLAY, ALGO, and DOT all recorded double-digit growth. Additionally, SAND rose by 9.59%, and FTM expanded by 8.95% in the same timeframe. Other cryptocurrencies with notable growth include LINK, TRX, MATIC, and TON.
The current total market capitalization stands at $1.64 trillion, requiring an additional $360 billion to reach the $2 trillion mark. Despite the surge in altcoins, the ‘Altcoin Season Index‘ hosted on blockchaincenter.net indicates that the eagerly awaited Altcoin Season has not commenced yet.
The Altcoin Season is defined by the condition that 75% of the top 50 coins must surpass Bitcoin’s performance in the last 90 days. This milestone has not been achieved recently, with the last occurrence being in September 2022, 14 months ago.
Over the past three months, a total of 23 distinct cryptocurrencies have outperformed Bitcoin in the market. WEMIX leads the way, having astonishingly surged by 543%. Other significant gainers include RUNE and SOL, with remarkable growths of 318% and 304%, respectively.
Bitcoin, in comparison, ranked 24th with a solid 69.8% gain in the same timeframe. Even though blockchaincenter.net has not officially declared an Altcoin Season, enthusiasts remain hopeful and look forward to its potential emergence soon.
What are your perspectives on the recent surge in altcoins? We invite you to share your views and opinions on this topic in the comments section below.
Table Of Contents
Frequently Asked Questions (FAQs) about Altcoin Season
What is the Current State of Bitcoin and Altcoin Market?
As of December 9, 2023, Bitcoin has seen a modest increase of 1.8% in the last 24 hours. In contrast, more than 17 altcoins have experienced significant gains, ranging from 7% to over 35% in the same period. The total market capitalization currently stands at $1.64 trillion.
What is an ‘Altcoin Season’ and Has It Started Yet?
An ‘Altcoin Season’ is a period when 75% of the top 50 coins outperform Bitcoin over the last 90 days. As of now, this benchmark hasn’t been met, and the last Altcoin Season was in September 2022.
Which Altcoins Have Shown Significant Gains Recently?
Notable altcoins with significant gains include bittorrent (BTT) with a 35.48% increase and bonk (BONK) with a 24.62% rise. Other cryptocurrencies like ADA, AVAX, KLAY, ALGO, DOT, SAND, FTM, LINK, TRX, MATIC, and TON have also posted substantial gains.
What Is the Threshold for Declaring an Altcoin Season?
The Altcoin Season is declared when 75% of the top 50 cryptocurrencies outperform Bitcoin in the last 90 days. This specific condition has not been met in the current market scenario.
How Has Bitcoin Performed in Comparison to Altcoins?
In the last three months, Bitcoin secured the 24th spot in performance, with a gain of 69.8%. In comparison, altcoins like WEMIX, RUNE, and SOL have shown much higher gains, leading the market surge.
More about Altcoin Season
- Bitcoin Market Analysis
- Understanding Altcoin Season
- Cryptocurrency Gainers and Losers
- Altcoin Season Index Overview
- Bitcoin vs. Altcoins: Market Comparison
5 comments
interesting to see ADA, AVAX, and others doing so well, but I’m skeptical bout how long this will last, the market’s unpredictable y’know.
Surprised to see Bitcoin only at 24th place, but those gains by WEMIX and RUNE are just crazy! Wonder what’s driving that surge?
is it just me or are these altcoins swings getting wilder? feels like a rollercoaster everytime I check the market stats.
wow, Altcoins are really takin off huh? Bitcoin better watch out, looks like its not the only big player anymore.
Not sure if we can call it an Altcoin Season yet, gotta hit that 75% benchmark guys, remember history… september 2022 was the last time.