“Altcoin season” has arrived, with meme coins BONK, ORDI, PoW-based KAS, etc. achieving record increases

Altcoins gaining momentum

Once the rise in the price of Bitcoin came to a halt, whales (large investors) turned their attention to other crypto assets (virtual currencies) called “altcoins” and began to infuse funds into them. As a result, several cryptocurrencies with low market capitalization have reached record highs.

BONK, a meme coin and dog-themed virtual currency within the Solana (SOL) ecosystem, has become the third largest meme coin in the market by market capitalization, behind SHIB and DOGE. BONK has skyrocketed by 5,600% in the past two months, hitting an all-time high of $0.00001464 on the 9th.

Ordinals (ORDI), the top meme coin in the BRC-20 market, also hit a new all-time high on December 5th. This meme token, issued by Ordinals’ technology (inscription), is being discussed in the community for its utility. ORDI was listed on Binance on November 7th and is currently trading at over $48, up over 1,300% from its October 10th price.

Increase rate of BONK and ORDI Source: Trading view

Kaspa (KAS) is a layer-1 blockchain cryptocurrency that employs Proof of Work (PoW) and features a decentralized policy and blockDAG design. Kaspa’s hashrate has increased by 23,400% in the past year, from 400 TH/s to 94 PH/s, and since its launch last May, KAS has grown nearly 600x, reaching an all-time high three weeks ago. has been updated.

KAS, BONK increase rate Source: Trading view

RLB, the native token of Rollbit, an exchange and casino based on Solana, also hit an all-time high in November. RLB has risen an impressive 7,500% over the past year.

connection:Solana NFT surpasses Ethereum NFT volume to become number 1 chain for the first time

Investor expectations for “Alto Season”

More than 7 of the Top 100 hit new highs Source: CoinMarketCap

Additionally, more than seven of the top 100 cryptocurrencies by market capitalization have reached new highs in the past month.

Exchange OKX’s tokens OKB and Bitget (BGB) are also maintaining strong performance. The modular blockchain Celestia (TIA) also hit new highs last week after launching in October. Cryptocurrency exchange Coinbase has recently been actively conducting “first day listing” in conjunction with token releases.

connection:Coinbase, Celestia (TIA) newly listed

Regarding AI (artificial intelligence), which will attract attention in the stock market in 2023, Bittensor (TAO), which forms a competitive market among AI and is deployed on the Polkadot parachain, reached its highest price over the weekend. It has increased 532% from $60 on October 10th to $327.

These movements suggest that “altcoin season” has arrived in the cryptocurrency market. Bitcoin’s market dominance increased to 53% on October 30th, but has now decreased to 52.3%. VanEck is of the view that after Bitcoin’s next halving, scheduled for April 2024, Bitcoin’s market dominance may further decline and the altcoin market may become more active.

connection:2024 virtual currency market forecast, shift to altcoins and increase in corporate token holdings = VanEck

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