After experiencing significant growth in December, the much-anticipated altcoins craze has begun.
Data from blockchain data analysis agencies show that the alternative coin season index has reached its peak in the past 12 months, with a specific value of 82. This data strongly supports that we are currently in a veritable "alt coin season" rather than a period dominated by Bitcoin [BTC].
Biggest gainers — HBAR, XRP, DOGE
The index rose following sharp gains in top coins such as Ripple [XRP], Ganges [HBAR], Stellar [XLM], while Dogecoin [DOGE] outperformed the king coin.
HBAR is up more than 600% in the past 90 days, while XLM and XRP are close behind with gains of 515% and 402%, respectively. But Ethereum [ETH] and Binance [BNB] lag behind BTC.
A decline in Bitcoin’s (BTC.D) dominance has accelerated altcoins’ stunning surge in November.
On November 21, BTC.D peaked at 60% but has since fallen to 54%, allowing the altcoin sector to grow as capital shifts from king coins to other sectors.
In fact, if historical trends continue, altcoin gains could continue. At press time, OTHERS (which tracks all but the top 10 coins in the altcoin space) has gained over the past four weeks, outperforming BTC.
The ratio has broken above the critical 50-day moving average (MA) but remains well short of overhead resistance, which capped rallies in 2017 and 2021.
If history repeats itself, OTHERS/BTC could target overhead resistance, allowing the sector to rise further. This could happen if BTC dominance remains subdued.
