Avalanche (AVAX), Solana (SOL), Chainlink (LINK), Uniswap (UNI) and Dogecoin (DOGE) are among the altcoins that rose the most in November, ahead of Bitcoin.
Alternative cryptocurrencies to Bitcoin, known in the industry as altcoins, are making a comeback in the crypto market, outperforming the world’s first successful cryptocurrency and the one by the largest market cap, to date.
According to data from CoinMarketCap, one of the most consulted cryptocurrency price monitoring platforms in the industry, several of the main altcoins in the market recorded a higher performance than Bitcoin last month, being Avalanche (AVAX), Solana (SOL), Chainlink (LINK), Uniswap (UNI) and Dogecoin (DOGE) were the biggest gainers in November.
Major altcoins in bullish trend
According to the data, AVAX, SOL, LINK, UNI and DOGE recorded a price increase of 87%, 61%, 44%, 33% and 25%, respectively, in the last 30 days, while Bitcoin registered a monthly growth in its price of 14%.
At the time of writing, all altcoins analyzed, except for UNI and DOGE, have set new annual highs. Bitcoin, the market-leading cryptocurrency, also set a new high in 2023 and is trading at over $39.500 per BTC at press time.
These alternative cryptocurrencies to Bitcoin maintain a market capitalization between $7.900 billion and $26.700 billion dollars, making them part of the Top 20 of the crypto market.
DOGE, the altcoin with the highest daily trading volume growth
Of the five altcoins analyzed in this article, Dogecoin (DOGE) is the one that is registering the largest increase in trading volume in the crypto market.
According to data from CoinMarketCap, DOGE's daily trading volume has grown more than 55% in the last 24 hours, exceeding $560 million dollars.
Other altcoins in the Top 20, such as Solana (SOL) and Uniswap (UNI), are seeing an increase in trading volume on the day of 15,7% and 14%, respectively, while Chainlink (LINK) trading volume increased by only 1,2% over the past 24 hours.
In the case of Avalanche (AVAX), although it is the best-performing altcoin in November, its daily trading volume on the crypto market corrected by around 7% on Sunday.
Altcoin season is coming
November has been a Explosive month for altcoinsHowever, the Blockchain Center platform indicates that the altcoin season has not yet arrived.
To announce the arrival of a new altseason or altcoin season, 75% of the top 50 altcoins on the market must outperform Bitcoin over a 90-day or three-month period, something that has not yet happened, according to the platform's data.
Still, there are several analysts who agree that A new altseason is very closeEven investment firm ByteTree recently said that the rally being experienced by assets like AVAX and LINK indicates that we are getting closer to altcoin season.
ByteTree published an article, titled “Diversification in Crypto”, in which it delves into the alternative cryptocurrency market and analyzes the performance of these digital assets against Bitcoin, in the last year. According to the firm, most altcoins are in bullish trends and only a few are underperforming Bitcoin, confirming the proximity of the altcoin season.
On the other hand, at the beginning of November, Michaël van de Poppe, founder and CEO of MN Trading, he pointed that the bullish cycle of cryptocurrencies “is on its way” and that little by little we will see the altcoins “awaken”.
Continue reading: Altseason: What is altcoin season?
