Reserve

Bitcoin

Dogecoin

The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/crypto-market-outlook-investor-interest-shifts-towards-altcoins-is-an-alt-season-here/">Crypto Market Outlook : Investor Interest Shifts Towards Altcoins: Is an ‘Alt Season’ Here?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a>
Altcoins have taken center stage as they outperformed Bitcoin (BTC) with gains ranging from 5% to 10%. Meanwhile, Bitcoin has remained relatively stable at around $35,000. This resurgence in altcoins has sparked discussions about the possibility of an “altcoin season.”
<h2 class="wp-block-heading" id="strong-xrp-link-and-doge-lead-the-way-strong">XRP, LINK, and DOGE Lead the Way</h2>
Major altcoins are holding onto their impressive gains, reflecting a renewed risk appetite among crypto investors. Ripple’s XRP made <a href="https://coinpedia.org/press-release/xrp-trends-signal-bullish-run-while-this-could-be-next-10x-crypto/" rel="noopener noreferrer nofollow">significant strides</a>, jumping nearly 10% in a day.&nbsp;
This surge 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 prominent altcoins like Cardano’s ADA, Avalanche’s AVAX, Dogecoin (DOGE), <a href="https://coinpedia.org/price-analysis/chainlink-surges-over-60-in-a-month-link-price-reaches-new-yearly-high/" rel="noopener noreferrer nofollow">Chainlink’s token</a> (LINK), and UniSwap’s token (UNI) have also seen positive movements, recording gains between 5% and 6% in the past 24 hours.&nbsp;
Additionally, the token of non-fungible token (NFT) marketplace Blur (BLUR) saw an impressive 32% increase in one day, doubling in value over the past month. This surge aligns with the platform’s plan to <a href="https://thedefiant.io/blur-season-2-to-end-in-november" rel="noopener noreferrer nofollow">distribute 300 million</a> tokens in an upcoming airdrop on November 20.
<h2 class="wp-block-heading" id="h-bitcoin-s-influence-wanes-as-altcoins-shine">Bitcoin’s Influence Wanes as Altcoins Shine</h2>
The declining dominance of Bitcoin in the cryptocurrency market signals the potential for an altcoin season. However, the bitcoin’s market capitalization dominance <a href="https://www.tradingview.com/symbols/BTC.D/?exchange=CRYPTOCAP" rel="noopener noreferrer nofollow">has fallen</a> from 54.3% in late October to 52.5% on Monday, indicating growing interest in altcoins.&nbsp;
This shift towards riskier assets comes as the Federal Reserve considers ending its rate-hiking cycle.
Investment advisory firm ByteTree <a href="https://www.bytetree.com/research/2023/11/alt-season/" rel="noopener noreferrer nofollow">believes</a> that an “alt season” may be on the horizon. They’ve adjusted their model portfolio, reducing Bitcoin’s weight and adding altcoins like NEAR’s token (NEAR), Stacks (STX), LINK, and XRP.&nbsp;
According to <a href="https://www.blockchaincenter.net/en/altcoin-season-index/" rel="noopener noreferrer nofollow">data from Blockchaincenter</a>, 57% of the top 50 digital assets have outperformed Bitcoin in the past 30 days, and 33% have done the same over the past 90 days. These figures come close to the widely recognized 75% threshold that often signifies the commencement of an altcoin season.

Crypto Market Outlook : Investor Interest Shifts Towards Altcoins: Is an ‘Alt Season’ Here?

Table of Contents

CoinPedia News

Other articles published on Nov 7, 2023

Exxon Stock Price Prediction: Will XOM Stock Break Below $100?

Bitcoin Network Experiences Historic Hour-Long Block Production Delay

Shiba Inu Forecasted To Reach 50 Cents by 2024

Bitcoin Ordinals see resurgence on Binance listing

Dutch Blockchain Week 2023 Partners: Shaping the Web3 Future Together

Launching a New Ethereum NFT Marketplace with the Goal of Securing Creator Royalties

Join our free newsletter for daily crypto updates!