Altcoins Surge Ahead of Bitcoin Gains Amid Hype of an 'Alt Season'
Several altcoins have registered substantial gains by overtaking the 23% surge in the value of Bitcoin against the US dollar last month. The new trend in the smaller market cap coins has triggered hype on social media platforms, announcing the arrival of the much-anticipated "alt season." The growing public interest is an indication that can be derived from netizens searching terms such as "altcoins" and "alt season" on Google Trends.
Altcoins’ Rise Sparks Buzz on Social Media and Google Trends
An altcoin is a cryptocurrency other than bitcoin (BTC), with Ethereum (ETH), Solana (SOL), Cardano (ADA), and others as the leaders. Thousands of messages and discussions abound on the social media platform X (previously Twitter) centered on and around "altcoins" and “alt season.”
Online chats on altcoins have been increasing, with influencers goading their followers to stockpile these digital assets. A user on X, identified as Alex Wacy, commented:
"2024 has the potential to have a full-blown 'alt season.' But to get the most out of it, you need to make decisions now."
Leading social media platforms like X, Facebook, and Reddit (r/cryptocurrency) reflect similar sentiments across their platforms. The total market capitalization of cryptocurrencies expands during an "alt season," driven by the inflow of substantial investments into the sector.
The last notable altcoin season was noticed in early 2021, with prices scaling 10x–100x in altcoins like Dogecoin (DOGE) and Solana (SOL) in a relatively short span. This growing fascination with altcoins and “alt season” is also indicated in Google Trends data.
The search query “altcoins” has shown a persistent rise in the past 90 days. It began with a score of 38 on November 5 and reached 89 by November 15, but now remains at 71. The term “alt season” has shown volatility since November 4, oscillating between 17 and 73 over the past 17 days.
Blockchain Center’s Altcoin Season Index Backs Down
The highest interest in “altcoins” has been noticed from Bulgaria, Puerto Rico, St. Helena, Cyprus, and Estonia, while “alt season” searches are predominantly from Pakistan, India, Turkey, Bangladesh, and Norway. Despite this increasing trend on Google, the Blockchain Center’s Altcoin Season Index presents a reverse narrative.
The Blockchain Center explained the criterion: “If 75% of the Top 50 coins perform better than Bitcoin over the last season (90 days), it is altcoin season.” The index presently does not indicate altcoin season, though it approached the range at the end of September and is closer to the threshold with a score of 39.
What is your take on people anticipating “alt season” arrival? Please share your thoughts and opinions about this subject in the comments section below.
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