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While Bitcoin remains comfortably around $35,000, altcoins are continuing to recover from their losses due to inflation and bearish market conditions. Santiment, an on-chain data platform, has revealed data indicating that the recent gains in the market have been primarily driven by large and mid-cap altcoins. Does this mean that the long-awaited altcoin season has finally arrived?
Clues Indicating the Beginning of Altcoin Season According to Santiment Data
According to data provided by Santiment on November 4th, the recent gains in altcoins have been consistently concentrated in major and mid-cap altcoins such as SNT, SUSHI, and BLZ. Furthermore, SNT has seen a 108% increase in the past seven days, while SUSHI and BLZ have seen increases of 82% and 39% respectively.
Although the decrease in bond yields and the cooling of the labor market in the US did not have a significant impact on Bitcoin, it triggered a strong rally in altcoins. Despite surpassing $35,000 earlier this week, the price of BTC could not sustain above this level. The price of the crypto king has been hovering between $34,000 and $35,000 for the past few days, leading to speculation in the crypto world. It is claimed that investors and traders are transferring their profits from BTC to altcoins. Indeed, the rapid rise of altcoins has sparked excitement in the altcoin market.
Top Performing Altcoins of the Day
According to data provided by crypto data and price platform CoinMarketCap, the decentralized cryptocurrency exchange PancakeSwap’s CAKE is at the top of the list with its performance in the past 24 hours. CAKE is trading at $1.92 with an increase of over 30% in the last 24 hours.
In second place is NEO (NEO), the Chinese Ethereum, with an increase of 18.16% in the last 24 hours, reaching $11.25. It has also surpassed 20% gains on a weekly basis. The trigger for the increase in NEO’s price is considered to be the upcoming launch of numerous NFT projects on the network’s new version, N3.
The third place belongs to Oasis Network (ROSE). ROSE reached $0.0669 with a 17.31% increase in price in the last 24 hours. The altcoin has gained significant profits throughout the past week, with a total increase of 30.48%. The increasing price of ROSE is in line with Santiment’s data, which indicates the social dominance of Oasis Network and its stable growth over the past month.
In fourth place is THORChain (RUNE), with a price increase of 17.32% in the last 24 hours, reaching $3.40. This increase brings the altcoin’s gains in the past 7 days to over 35%. The fifth and final place is taken by Lida DAO’s native asset, LDO, which is a liquid Ethereum staking solution. LDO is trading at $2.01 with a 14.55% increase in the last 24 hours.
