In a week marked by bullish momentum, several altcoins have stood out, signaling the potential arrival of an altcoin season. While Bitcoin (BTC) remains strong at an intraday high of $37,400, altcoins such as DYDX, Solana (SOL), and Avalanche (AVAX) posted double-digit gains, pushing the total market cap of the altcoin market to 659.5 billion, a 2023 high. carried it to the dollar. Here are the details…
DYDX shines with this development
DYDX token, powered by decentralized exchange dYdX, has increased by over 110% in the last 30 days. The catalyst behind this impressive growth was dYdX’s layer-1 blockchain launch on October 27. The platform’s fee distribution update led to an increase in token value and an increase in the number of users, resulting in a 77.5% increase in fees and revenues over the last 30 days, reaching a total of $8.67 million.
Solana is at new heights
Solana’s SOL token reached a 2023 high on November 10, displaying a remarkable 30-day return of over 166%. The growth was fueled by the success of Jito, the leading decentralized application on the Solana Blockchain, and an increase in daily active users, which reached 200,000 on the same day. Solana’s revenue has increased by a strong 78.2%, surpassing $1 million in the last 30 days.
AVAX and coins in the ecosystem gained momentum
Avalanche is on a layer-1 blockchain similar to Solana, where validators process transactions and receive tokens. Compared to Solana and dYdX, Avalanche brings in less revenue, but that hasn’t stopped its token from going on a double-digit run this week. Despite being relatively smaller, AVAX performs well. Over the past seven days, AVAX has gained over 70% and reached an impressive growth of 118% in 30 days. AVAX’s price is still 1/7 of its all-time high.
With a price increase of 77.1% over the 7-day period, AVAX is currently trading at $23.70, indicating strong performance for the relatively smaller layer-1 blockchain. According to Coingecko data on November 16, Avalanche ecosystem tokens experienced overall increases. Other tokens such as JOE, BENQI, and PNG also recorded significant gains, ranging from 37.2% to 324.3% in a week.
Apart from AVAX, THORChain also exceeded expectations
Meanwhile, THORChain has experienced a significant increase in trading volume, surpassing $1.325 billion last week. Its daily transaction volume, currently $334.3 million, ranks second after Uniswap. Despite this increase, the total value of THORChain remains stable at $260.1 million, demonstrating the durability of the coin. The acceleration in THORChain’s rise, surpassing Curve Finance, occurred much earlier than expected by core developer Chad Barraford. Barraford, who initially predicted that this change would occur before the end of 2023, expressed his surprise by stating that it only took two days instead of the expected two months.
While these altcoins are shining, Bitcoin continues to dominate the market with a dominance rate of over 50%. The ongoing decline in Bitcoin dominance generally indicates that funds are shifting to altcoins. According to some experts, it potentially marks the beginning of a broader altcoin season in the cryptocurrency market. Analysts are watching these developments closely and expect more excitement and growth in the coming weeks.
