A notable increase in altcoin trading volume observed since the beginning of December 2023 suggests a potential shift away from Bitcoin dominance. Altcoins are showing signs of outperforming the flagship cryptocurrency during this period.
Avalanche (AVAX) and Cardano (ADA) have experienced substantial double-digit gains in November 2023 securing their positions among the top 10 largest cryptos in market caps.
The growth in Avalanche (AVAX) can be attributed to its remarkable increase of over 100% in November 2023. This surge elevated its price from slightly over $9 to approximately $26, where it consolidated at the beginning of December 2023. Subsequently, it experienced another significant surge of 20%, reaching $33 as of the latest available data.
Cardano (ADA), another prominent coin, recorded a notable increase of over 19%, reaching $0.64, marking its highest level in 18 months, and signifies a 75% surge in December 2023 alone so far. The rise in ADA’s price is linked to the prevailing trend in the broader cryptocurrency market, characterized by a shift of capital from Bitcoin to various altcoins, including Cardano.
The entire altcoin market has demonstrated robust growth in recent weeks. The total market capitalization, excluding Bitcoin, has surged from $526 billion to $622 billion since September 2023 as of this writing.
The increase in total market capitalization highlights a heightened interest in altcoins as evidenced by the notable strength exhibited by several large-cap altcoins such as Ripple’s XRP and Solana’s SOL over the past 60 days.
XRP, propelled by a succession of legal victories, has experienced a gain of 45%, while SOL has surged by over 107%. SOL’s rally indicates a shift in sentiment, shedding negative associations and garnering increased user interest.
Polygon (MATIC) is another improving altcoin, having surged by more than 70% since the beginning of October 2023. This growth is credited to its ongoing technological advancements and successful partnerships within the ecosystem.
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