As of Nov. 8, the crypto market is coasting 2.09% higher than yesterday, totaling $2.57 trillion. Though bitcoin (BTC) has seen steady progress, it’s the altcoin market that’s truly stepping up as bitcoin’s momentum slows. Today, BTC nudged up by 1.48%, while ethereum (ETH) jumped 4.46% and solana (SOL) soared over 20% against the U.S. dollar within the last 24 hours.
SOL/USD
The meme coin moo deng (MOODENG) took the crown as the top performer, leaping 32.72%, closely followed by cronos (CRO) with a 26.62% gain. Jito (JTO) climbed 22.91%, and just under SOL, cardano (ADA) rallied 16.63% against the dollar. Yet, not all tokens came out ahead: PEOPLE slipped by 6.23%, OM dipped 4.97%, with AXL down 4.68%, LDO shedding 4.54%, and KAS losing 4.4%.
ADA/USD
Simultaneously, 24-hour trading volume saw an 11.93% dip. SOL, DOGE, BNB, PEPE, XRP, and ADA led in volume, though XRP stayed mostly steady, edging up just 0.45%. Other top volumes were recorded by SUI, NEIRO, SHIB, WIF, and AVAX. Bitcoin’s dominance slid from around 59% to 58.6%, while ethereum held steady at 13.7%.
Although an altcoin season seems possible, the Altcoin Season Index (ASI) at blockchaincenter.net indicates it’s still out of reach. For a true altcoin season, 75% of the top 50 digital assets need to outperform bitcoin. Currently, the index is at 37%, though it has climbed from a low of 24 recently.
With mixed performances across digital assets and a hesitant Altcoin Season Index, today’s market reflects both optimism and caution. As volume trends shift and bitcoin’s dominance inches downward, the landscape hints at a possible pivot in investor sentiment. The coming days will reveal if these gains mark the start of broader momentum or a brief altcoin rally.
