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News
Surging Altcoins Eclipse Bitcoin’s Gains, Sparking Buzz of an Imminent ‘Alt Season’
Bitcoin’s value has surged by 23% against the U.S. dollar in the past month, but a vast array of altcoins have seen even more substantial gains, outpacing BTC’s monthly rise. Such trends in smaller market cap coins have sparked proclamations on social media platforms, heralding the arrival of the much-anticipated “Alt Season.” Additionally, an uptick in search terms like “altcoins” and “Alt Season” on Google Trends indicates growing public interest.
Altcoins’ Rapid Growth Sparks ‘Alt Season’ Discussions, Google Trends Shows Rising Interest
On the social media site X (previously known as Twitter), there are thousands of discussions centered around “Alt Season” and “altcoins.” Generally, an altcoin is any cryptocurrency other than bitcoin (BTC), with prominent examples being ethereum (ETH), solana (SOL), and cardano (ADA).
Recently, there’s been a noticeable spike in online chatter about altcoins, with enthusiasts urging their followers to stock up on these digital assets. A user on X, identified as Alex Wacy, commented:
2024 has the potential to have a full-blown altseason. But to get the most out of it, you need to make decisions now.
Similar sentiments are prevalent across various social media platforms like X, Facebook, and the r/cryptocurrency subreddit. During an “Alt Season,” the total market capitalization of cryptocurrencies usually witnesses a significant increase, driven by substantial investments in altcoins.
The last notable altcoin season occurred in early 2021, marked by staggering price jumps of 10x – 100x in altcoins such as dogecoin (DOGE) and solana (SOL) within a relatively short span. This growing fascination with altcoins and “Alt Season” is also reflected in Google Trends data.
In the past 90 days, the search query “altcoins” has shown a consistent rise, beginning with a score of 38 on November 5 and reaching 89 by November 15, now hovering around 71. The term “Alt Season” has exhibited volatility since November 4, fluctuating between 17 and 73 over the past 17 days.
The highest interest in “altcoins” originates 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, Blockchain Center’s Altcoin Season Index presents a contrasting narrative.
Blockchain Center’s criterion states: “If 75% of the Top 50 coins performed better than Bitcoin over the last season (90 days) it is Altcoin Season.” Currently, the index indicates that it’s not yet Altcoin Season, though it approached the range at the end of September and is closer to the threshold with a score of 39.
What do you think about people thinking that “Alt Season” is upon us? Do you agree? Share your thoughts and opinions about this subject in the comments section below.
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