A wave of green has washed across the entire crypto market, and it won’t be long before traders on X (formerly known as Twitter) begin to explain that a new altcoin season has arrived.
Altcoin season — or “altseason,” as the crypto bros say — typically measures the rallying of altcoins and a positive increase in the total market capitalization of altcoins.
Let’s take a look at some key indicators that market participants use to determine whether or not an altcoin season has emerged.
Total crypto market capitalization hits a 14-month high
The total market cap of crypto recently hit a 14-month high, clearly reflecting the current bullish momentum.
Crypto total market cap broke out to its highest levels in over 14 months. pic.twitter.com/0c6CPxDSfQ
— TradingView (@tradingview) November 6, 2023
Similar strength is seen in the altcoin total market cap chart seen below. The metric measures the crypto market cap minus Bitcoin (BTC).
Total crypto market cap minus Bitcoin. Source: TradingView
Since Sept. 8, the metric has springboarded from $526 billion to $622 billion on Nov. 9. The change shows traders’ growing interest and investment interest in altcoins, along with an increase in the prices of altcoins within the metric.
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Large-cap altcoins display multiweek strength
Data from CoinMarketCap shows the top 13 altcoins by market cap (excluding stablecoins) reflecting double-digit gains within the last 30 to 60 days.
In particular, Ripple’s XRP (XRP), which has won a host of legal battles against the Securities and Exchange Commission, has witnessed 45% gains in the past 60 days. On top of the legal victories that helped to boost investor sentiment, it is rumored that Ripple will be announcing an initial public offering (IPO) on Nov. 9.
Top altcoin performers. Source: CoinMarketCap
For the past three months, Solana’s SOL (SOL) has rallied significantly and started to lose its “Sam coin” moniker. Sam coins are cryptocurrencies with exposure to Alameda Research, FTX and Sam Bankman-Fried. SOL price has…
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