You didn't see it coming!
In a surprising turn in the world of cryptocurrencies, altcoins have stolen the spotlight, outperforming Bitcoin by a wide margin with gains ranging from 5% to 10%. At the same time, bitcoin has remained relatively stable, hovering around the $35,000 mark. This sudden resurgence of altcoins has sparked lively debates about the possibility of an upcoming โaltcoin season.โ
It's finally here?!
XRP, LINK and DOGE lead the way
Some big-name altcoins have posted impressive gains, indicating renewed enthusiasm among cryptocurrency investors. For example, Ripple's XRP experienced a notable increaseshooting up almost 10% in just one day.
This rise was attributed to key approvals that allowed Ripple to operate and offer services in Georgia and Dubai, propelling XRP to become the fourth-largest cryptocurrency by market capitalization, surpassing Binance's BNB.
Other notable altcoins such as Cardano's ADA, Avalanche's AVAX, Dogecoin (DOGE), Chainlink Token (LINK) and the UniSwap token (UNI) have also seen positive movements, recording gains of between 5% and 6% in the last 24 hours.
Read more: Altcoins Gain $106 Billion in 4 Weeks: Time to Buy?
The Rise of Blur (BLUR)
Adding to the altcoin hype, the non-fungible token (NFT) marketplace token Blur (BLUR) saw an impressive 32% surge in just one day. Surprisingly, its value has doubled over the last month, coinciding with the platform's plan to distribute 300 million chips in an upcoming airdrop on November 20.
Is Bitcoin's time in the spotlight over?
Bitcoin's diminishing dominance in the cryptocurrency market is an important trend to watch, suggesting the possible arrival of an altcoin season. In particular, Bitcoin market cap dominance has fallen from 54.3% at the end of October to 52.5% on Monday, indicating growing interest in altcoins.
This shift toward riskier assets comes as the Federal Reserve considers ending its rate-hiking cycle.
Investment advisory firm ByteTree believe that an โalt seasonโ may be on the horizon. They have adjusted their model portfolio, reducing the weight of Bitcoin and adding altcoins such as NEAR token (NEAR), Stacks (STX), LINK and XRP.
Altcoins shine
According Blockchaincenter data, 57% of the top 50 digital assets have outperformed Bitcoin in the last 30 days, and 33% have done the same in the last 90 days. These figures are close to the widely recognized 75% threshold that often signifies the start of an altcoin season.
Read more: Altcoins Short-Term Rise: What's Driving the Market This Month?
