The altcoin season index has arrived at 43 this week from 28, 3 days ago.
Bitcoin's market dominance has shrunk to 58% from 60.5% in the same period.
The top gainers among major alts are XRP, ADA, SOL, OM, XLM, SAND, and ALGO.
The crypto markets have been seeing some interesting events lately. Bitcoin, which almost touched $100k two days ago, has now consolidated near the $98k level. Its market cap has also shrunk to less than 58% from 60.5% in the same time. If this trend lingers, we could soon expect a major alt season in Dec 2024, probably the biggest ever in the history of crypto.
Altcoin Season Index on 25 Nov 2024
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The arrival of altcoins is indicated by the current altcoin season index, which is around 43. An alt season is usually marked by levels more than 50 with the peak of the season being shown by levels closer to 100.
XRP Price Growth in Last 30 Days
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XRP has been a top gainer in the current month due to one major reason: Donald Trump's win in the US elections. This ensured that the current SEC chief, Gary Gensler, resigned from the commission, and as a result, Ripple could finally see the end of its multi-year struggle against the regulator.
ADA Price Gains in Last 30 Days
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Cardano's fortunes shined when the crypto market rallied after Trump's win. Previous to that, ADA struggled near the $0.38 level due to a dwindling user count. However, with Trump's win, the chance of more people adopting cryptocurrencies skyrocketed. As a result, we saw
SOL Price Growth in the Last 30 Days
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Solana was the top gainer with 50% gains in the last 30 days, the highest among major L-1 players. Solana gained due to the phenomenal performance of its memecoins, which have reached a market cap of $21 billion.
OM Price Growth in Last 30 Days
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Mantra emerged as a top player in the RWA space recently after the launch of its token and mainnet. The project now has a market cap of $3.3 billion after gaining 186% in the last 30 days and reaching a price of $3.7 at press time.
Mantra has seen its fortunes rise due to the institutional interest of large corporations in the RWA markets. Some notable players who have entered these markets are BlackRock, Citibank, and Fidelity.
XLM Price Growth in the Last 30 Days
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Stellar is a cross-border settlement solution similar to XRP. XLM has gained because of the rise of institutional entry into crypto-based liquidity markets. The crypto has been a top gainer this month, and its market cap rose to $15.5 billion after a 445% growth rate.
Sandbox Gains in the Last 30 Days
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Sandbox was a top gainer this week simply because metaverse and crypto gaming protocols have seen a general rise attributed to low Ethereum fees and the revival of crypto markets. Further, as more liquidity flows in the crypto markets, crypto users (especially gamers) have more disposable income. As a result, SAND has seen its value rise.
ALGO Price Growth in the Last 30 Days
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Algorand emerged as an unlikely gainer this week since the coin has been mostly dormant since last year. Though Algorand is one of the most inexpensive blockchains to transact on, it has not seen a decent rise in adoption. However, with the current revival in crypto markets, it has seen a decent growth of 148% in the last 30 days.
ALGO has also seen the Bollinger Bands squeeze, which is extremely bullish in the short run.
Real-world assets and Memecoins are the preferred sectors in the current markets. Both have outperformed all others. Memecoins have outperformed due to their consistent returns and wide market appeal. RWAs, on the other hand, have thrived due to the institutional demand for such assets.
Cross-border cryptos too have a high potential to thrive in the current market. Though XRP is the primary choice for such investors, yet another project XLM also has a wide appeal.
One interesting sector that has seen a good revival is the metaverse and crypto gaming sector. Almost all top metaverse coins, like Axie Infinity (AXS), Sandbox (SAND), and Decentraland (MANA), have been top gainers, with 119%, 71%, and 42% gains, respectively, in the last seven days.
Layer-1 cryptos, too, performed decently last week. The top gainers were Tezos (XTZ), Pokdadot (DOT), Algorand (ALGO), Cosmos (ATOM), and Cardano (ADA), with 62%, 55%, 45%, 41%, and 39%, respectively.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.