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On Nov. 15, a number of altcoins continued to point out energy alongside Bitcoin (BTC), which notched an intra-day excessive at $37,400. Main into the week, DYDX, Solana’s SOL (SOL) and Avalanche’s AVAX (AVAX) at present mirror double-digit positive aspects, with every chasing after new year-to-date highs.
The sustained bullish worth motion from altcoins has led some analysts to declare the arrival of an altcoin season, and on the time of writing, the entire market capitalization of the altcoin market has hit a 2023 excessive at $659.5 billion.
Altcoin worth rallies sometimes contain a slew of things, some being sentiment-based and others based mostly on undertaking fundamentals. Let’s take a look at a number of of this week’s prime market performers to see what catalysts underlie their progress.
dYdX charge swap boosts worth
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In addition to token price appreciation, the dYdX platform is posting substantial user numbers, including increased fees and revenues. Both metrics have witnessed 77.5% increases to $8.67 million in 30 days. Annualized, this could mean $105.5 million in fees for validators and stakers.
SOL price hits another 2023 high
Solana’s SOL token has had an impressive 30-day return profile, gaining over 166%. Despite reaching a 2023 high on Nov. 10, Solana’s price is still over 4x below its all-time high of $259.96.
Solana’s price growth has been powered by an uptick in users, which is led by the top-performing decentralized application on the blockchain, Jito, a liquidity staking platform. Solana’s daily active users also hit a 2023 high on Nov. 10, reaching 200,000. Coinciding with the increase in users, Solana’s revenue has eclipsed $1 million in 30 days, recording a 78.2% increase.
Avalanche’s AVAX token picks up steam
Avalanche is a layer-1 blockchain similar to Solana, where validators process transactions and receive tokens. Compared with 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 has been performing well. In the past seven days, AVAX reached above 59% in gains, and it hit an impressive 118% growth in 30 days. AVAX’s price is still more than 7x below its all-time high.
Related: Is it altseason? Altcoin 30-day performance and total market cap flash bullish
While these three altcoins are performing well, Bitcoin continues to dominate the overall market, with its dominance rate hovering above 50% since Oct. 16. When Bitcoin dominance decreases, those funds typically flow into altcoins, which is generally the start of an altseason.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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