Today (2nd), Ki Young Ju, CEO of the cryptocurrency analysis company CryptoQuant, tweeted that the altcoin season is no longer defined by asset rotation from Bitcoin. He mentioned:

"The surge in altcoin trading volume is not driven by BTC trading pairs but by stablecoins and fiat currency pairs, reflecting actual market growth rather than asset rotation. The liquidity of stablecoins better explains the altcoin market."

The issuance of stablecoins

Stablecoins are playing an increasingly important role in the market, especially the massive issuance and circulation of USDT, showing a strong demand for liquidity in the market. According to recent data, the total market value of stablecoins (green line) has been steadily increasing since 2020 and is expected to reach a peak of $180 billion in 2024, a significant increase from $120 billion a year ago. Particularly after Trump's election, the growth rate of stablecoins has noticeably accelerated since November 7 this year.

Community discussion hotspots

There is a heated discussion about this phenomenon. Some users believe that Bitcoin's market dominance is declining, which is closely related to the growth of altcoin trading volume; other users predict that when Bitcoin trading pairs become active again, altcoin trading volume may double further.

Additionally, there is a viewpoint that more and more new investors choose to directly hold stablecoins or enter the altcoin market, rather than prioritize purchasing Bitcoin. They usually wait for Bitcoin's price to rebound before transferring funds to the Bitcoin market.

Which altcoins have surged?

In the recent month, well-known altcoins like XRP, SOL, DOGE, and PEPE have shown strong performance, with significant increases in trading prices.


This month sorted by growth rate:

  • XRP: Increased from $0.511 to $2.45, a growth of approximately 379.84%.

  • ADA: Increased from $0.356 to $1.15, a growth of approximately 223.60%.

  • DOGE: Increased from $0.16 to $0.437, a growth of approximately 173.13%.

  • The Sandbox: Increased from $0.245 to $0.643, a growth of approximately 162.45%.

  • PEPE: Increased from $0.00000893 to $0.00002088, a growth of approximately 133.79%.

  • SOL: Increased from $166 to $228, a growth of approximately 37.37%.