Eight Altcoins Have Surged Three Times More Than Bitcoin in 30 Days. Is Altcoin Season Here, or Is This Just a Momentary Uptick?

Quick Read

• NEAR Protocol surged 121% in 30 days, leading eight altcoins that each outperformed Bitcoin‘s 6.4% gain by at least three times.

• Six of the eight outperforming altcoins have already reversed lower this week, with Uniswap erasing nearly half its monthly gains in seven days.

• The Altcoin Season Index sits at 51, well below the 75 threshold required to declare a season, and no true altcoin season has occurred in 379 days.

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Over the last 30 days, eight altcoins have seen returns at least three times greater than Bitcoin (CRYPTO:BTC). This impressive performance has led traders to wonder if we are entering an altcoin season. Leading the charge is NEAR Protocol (CRYPTO:NEAR), which has surged 121%, far outpacing Bitcoin’s 6.4% gain over the same period.

The other seven coins making waves are Sui (CRYPTO:SUI), Aave (CRYPTO:AAVE), Avalanche (CRYPTO:AVAX), Uniswap (CRYPTO:UNI), Litecoin (CRYPTO:LTC), Hedera (CRYPTO:HBAR), and Cardano (CRYPTO:ADA). Even Cardano, at the bottom of the list, boasts a respectable 20% gain—more than three times Bitcoin’s increase.

Traders often see such a leaderboard as potential evidence of an altcoin season. However, six of these eight coins have declined over the past week, and the Altcoin Season Index still hasn’t reached its critical levels. So, the question remains: Are we truly starting an altcoin season, or is this just a short-term bounce?

Altcoin Season Needs 75% of the Top 50 Coins to Beat Bitcoin

Altcoins are any cryptocurrencies aside from Bitcoin, and “altcoin season” describes a phase when traders shift funds out of Bitcoin and into smaller coins, leading to substantial gains for most altcoins. Conversely, a “Bitcoin season” occurs when Bitcoin outperforms the majority of the market.

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Source: finance.yahoo.com