Bitcoin saw a modest increase of 1.8% in the past 24 hours as of Dec. 9, 2023. Meanwhile, more than 17 crypto assets experienced much larger gains, ranging from 7% to over 35% in the same timeframe. Despite this rise in various altcoins against the U.S. dollar, current trends have yet to signal the start of an official ‘Altcoin Season,’ as suggested by the ‘Altcoin Season Index.’ Notably, such a season has not occurred since September 2022.
Despite Altcoins’ Impressive Gains, Altcoin Season Not Yet Declared
Several alternative digital currencies, or crypto tokens distinct from bitcoin, have registered notable increases in value over the previous day. Statistics indicate that the token bittorrent (BTT) surged by 35.48% in the past 24 hours, while bonk (BONK) climbed 24.62% against the U.S. dollar.
ADA, AVAX, KLAY, ALGO, and DOT all posted double-digit gains. SAND increased by 9.59%, and FTM grew 8.95% over the last day. Other notable gainers include LINK, TRX, MATIC, and TON.
Currently, the market value stands at $1.64 trillion, necessitating an influx of $360 billion to attain the $2 trillion threshold. Although altcoins are experiencing a surge, the ‘Altcoin Season Index‘ on blockchaincenter.net reveals that the anticipated season has yet to arrive.
The criteria for an Altcoin Season is that 75% of the top 50 coins outperform bitcoin in the last 90 days. This benchmark has not been met so far. The last time it did happen was 14 months ago in September 2022.
Over the last three months, a total of 23 unique digital currencies have outperformed BTC in the market. Leading the pack, as per the index, was WEMIX, which astonishingly surged by 543%. Following closely were RUNE and SOL, with impressive increases of 318% and 304%, respectively.
Bitcoin, in comparison, secured the 24th spot with a respectable 69.8% gain in the same period. Although blockchaincenter.net has not formally declared it Altcoin Season, this hasn’t deterred enthusiasts from anticipating its arrival in the near future.
What do you think about the recent altcoin rally? Share your thoughts and opinions about this subject in the comments section below.
via Jamie Redman
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