advertisement
Over the past month, Bitcoin (BTC) has posted a significant rally, with traders eyeing it to hit $100,000 by the end of the year. These gains bode well for the majority of altcoins.
However, at the time of writing, Bitcoin’s rally was showing signs of fading after falling 1.4% in 24 hours to trade at $94,198. The decline caused the entire market to retreat, with market capitalization down 2.5% to $3.3 trillion.
Despite the recent pullback, the altcoin market is showing signs of strength, and the altcoin rally may have already begun as the altcoin season index rises to multi-month highs. There is sex. This comes after the altcoin index soared to 53, its highest level since April 2024.
The rise in this index indicates that altcoins are outperforming Bitcoin. It could also signal the beginning of a major rally in the altcoin market.
However, the beginning of the altcoin season will only be confirmed if this index crosses 75. Rising to this level confirms that other cryptocurrencies are delivering superior returns compared to Bitcoin.
advertisement
Bitcoin’s dominance has fallen
The rise in the altcoin seasonal index was also accompanied by a slight decline in Bitcoin’s dominance. In just one month, BTC’s market capitalization advantage has fallen from 60% to around 56%, suggesting that altcoins are stealing market share from Bitcoin.
(Source: Tradingview)
Meanwhile, the ETH/BTC ratio also rebounded from the range lows as interest in Ethereum increased. Educational institutions also seem to be supporting Ethereum. According to data from SoSoValue, as of November 25, inflows into Spot Ethereum exchange-traded funds (ETFs) were positive by $2.8 million, while inflows into Bitcoin ETFs were negative by $438 million. It became.
Ethereum has yet to show a strong rebound considering it was trading at $3,273 at the time of writing after falling 3.6%. However, over the past 7 days, ETH has gained about 6%.
Cardano and XRP lead altcoin rally
While Ethereum is showing signs of strength, two altcoins that currently outperform the other top 10 largest cryptocurrencies by market capitalization are Ripple’s XRP and Cardano (ADA).
ADA is up 4% over the past 7 days, while XRP is up 7%. These coins were also among the top performers in November.
Top meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB) also posted strong gains over the past month before the recent pullback.
