According to a Dec. 6 post on X from Kaiko, the altcoin market share volume reached 67% last week, with Bitcoin and Ethereum sitting at 28% and 11%, respectively.
As suggested by a leading source of cryptocurrency market data, this indicates a shift in investor sentiment and a growing appetite for altcoins.
Chart watch
With notable momentum since October, cryptocurrency enthusiasts are eagerly watching the charts, speculating whether this surge marks the beginning of a full-fledged altcoin season, a market cycle in which the price of a significant number of crypto assets, which are different from BTC, have better growth indices than the above currency.
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Is #altcoin season approaching?Altcoin market share of volume has soared since October, hitting 67% last week. pic.twitter.com/cWEmpZ4key
— Kaiko (@KaikoData) December 6, 2023
This perspective has since been shared by crypto analyst @Mags, who predicted parabolic growth in November.
These predictions have been met with several altcoins reaching their highest valuations since November 2022, including Luna Classic (LUNC) and other coins like Energi and Blur, reporting impressive growth in the last week.
Read more: Institutions show no interest in altcoins, allocate bags in Bitcoin, Bybit Research says
