Big Altcoin Gains Mask Bitcoin's Marginal Uptick
More than 17 crypto assets registered gains ranging between 7% and over 35% in the past 24 hours as of December 9, 2023, while Bitcoin managed a marginal uptick of 1.8% during the same time. Current trends do not signal the arrival of an official ‘Altcoin Season,’ as suggested by the ‘Altcoin Season Index,’ despite the rise across various altcoins against the US dollar. It is significant to note that such a season has not arrived since September 2022.
Altcoins’ Surge Sparks Potential 'Altcoin Season' Buzz
Several crypto tokens, or digital assets other than bitcoin, have registered significant gains in value over the past day. Reliable data reveals that the token Bittorrent (BTT) surged by 35.48% in the past 24 hours, while Bonk (BONK) climbed 24.62% against the US dollar.
The market value presently stands at USD 1.64 trillion, requiring an additional inflow of USD 360 billion to reach the threshold amount of USD 2 trillion. The ‘Altcoin Season Index‘ on blockchaincenter.net has not declared the formal arrival of the much-awaited season, despite the altcoin surges.
The official arrival of an 'Altcoin Season' is subject to the confirmation that 75% of the top 50 coins have performed better than Bitcoin in the last 90 days. The last time it happened was 14 months ago, in September 2022.
The Official Arrival of 'Altcoin Season' is Still Awaited
It is notable that in the last 90 days, a total of 23 cryptocurrencies have performed much better than Bitcoin. WEMIX leads the pack with a striking surge of 543%. RUNE and SOL, with remarkable gains of 318% and 304%, respectively, are following the leader.
Bitcoin has managed to secure the 24th spot with a substantial rise of 69.8% in the same period. Enthusiasts are expecting the early arrival of the 'Altcoin Season' with an official confirmation from blockchaincenter.net.
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