With the impressive recovery of the crypto market recently, traders on Twitter X are excited that perhaps the altcoin season is coming. Altseason or altcoin season is the time when altcoins work well with total market cap skyrocketing.
Total market cap hit a 14-month high
Total market cap reached its highest level in more than a year, clearly showing the current market’s upward momentum. From Sep 8 to Nov 9, altcoin total market cap increased from $526 billion to $622 billion. This surge shows that traders’ interest and investment in altcoins is rising, along with the recovery of altcoins.
Major altcoin recorded significant gains
Data from CoinMarketCap shows that the top 13 altcoin by market cap (excluding stablecoins) all gained more than 10% over the past 30 to 60 days. Notably, after Ripple won legal battles against the SEC, the native token XRP saw a 45% increase in 60 days.
Over the past three months, Solana’s SOL has recovered significantly and started to lose its “Sam coin” moniker. Sam coins are cryptocurrencies with exposure to Alameda Research, FTX and Sam Bankman-Fried. SOL has rallied over 107% in the past 60 days as the project continues to rebuild and attract users after the collapse of FTX. BitMEX exchange co-founder Arthur Hayes recently joined the Solana ecosystem, announcing that he purchased the altcoin on Nov 2.
Similar to SOL, Chainlink’s LINK has also seen massive 60-day returns of over 100% thanks to consistent construction and usage. In a 6-day frame, this token increased by 26%.
Other notable rallies came from BNB, Cardano’s ADA, Tron’s TRX, and Polygon’s MATIC. All of these tokens have seen double-digit gains over the past 60 days.
Altcoin market performance coincides with an improvement in investor sentiment. A market sentiment gauge, the Crypto Fear and Greed Index, shows that clearly. Investors started September with fear and gradually turned to greed on October 23. It is unclear whether Altcoin season has truly arrived as many traders predicted, but there is no doubt that excitement is returning to the crypto\y market after a long period of gloom.