- Tokens like IOTA, XRP, and DOGE have seen impressive price gains, further validating the ongoing altcoin season.
- The market capitalization of altcoins, as tracked by the TOTAL3 chart, has risen to $1.08 trillion, with indicators showing strong support for continued growth.
Interest in altcoins has surged dramatically, with Google Trends data revealing a global search score of 90. This suggests that the search volume is nearing peak levels last witnessed during the 2021 bull market. Moreover, Iota (IOTA), Ripple’s XRP, and Dogecoin (DOGE) have grabbed the spotlight amid this surge, becoming key participants in this altcoin season. The uptick also reflects an increase in attention towards cryptocurrencies beyond Bitcoin (BTC).
Google Trends Data Highlights Renewed Interest
The rise in altcoin interest coincides with BTC’s recent breakthrough above $100,000, hinting at capital rotation into alternative assets, per the CNF report. Altcoins like IOTA, XRP, and DOGE are among those benefiting from this renewed enthusiasm with a significant boost in price action.
In October, searches for “altcoins” scored a modest 11 on Google Trends. However, this figure skyrocketed to 90 in November, indicating a massive increase in global interest. This level of attention, last seen during the 2021 rally, often precedes substantial price movements in the altcoin market.
During the 2021 bull market, heightened search activity for altcoins corresponded with record highs for several tokens. The current scenario shows a similar trajectory, with notable coins like Binance Coin (BNB) and Tron (TRX) achieving new milestones.
Altcoin Season Confirmed by Key Indicators
The Altcoin Season Index, which evaluates the top 50 cryptocurrencies against Bitcoin over 90 days, has further confirmed the resurgence. For altcoin season to be validated, at least 75% of these assets must outperform BTC, reported CNF. Recent data shows that 36 out of the top 50 altcoins have surpassed BTC’s returns, slightly down from 38 earlier but still reflective of strong momentum.
Analysts like Benjamin Cowen and Mr. Anderson have weighed in on the market dynamics. Mr. Anderson emphasizes that a true altcoin season is defined by altcoins outperforming BTC rather than the US Dollar, citing the ongoing trends as evidence of a full-fledged altcoin season. Cowen anticipates this trend to persist even into 2025.
Specific tokens have performed remarkably well against BTC. Over the past 30 days, IOTA has risen by a staggering 360%, XRP by a whopping 289%, and DOGE by an impressive 164%, highlighting their strength in this market phase. The broad-based gains underscore growing investor confidence in altcoins as Bitcoin dominance wanes.
However, the surge has come to a halt owing to a shift to focus on BTC as it hit a historic high of $100,900. At press time, the IOTA price stood at $0.486, down by 6.63% on Thursday. Whilst, XRP price plunged 6.60% to $2.38. On the other hand, Dogecoin stood strong with a 9.09% surge today, trading at $0.4489.
TOTAL3 Chart Signals Further Rally
Market-wide metrics also support the bullish case for altcoins. The TOTAL3 chart, which tracks the market capitalization of all altcoins, excluding Ethereum (ETH), has climbed to $1.08 trillion. This upward trend is reinforced by the Parabolic Stop and Reverse (SAR) indicator, signaling strong support levels.
While the altcoin market appears primed for further gains, a sudden resurgence in BTC dominance could act as a temporary headwind. For now, however, the momentum remains firmly in favor of altcoins as Google Trends data and market performance converge to validate the narrative of a flourishing altcoin season.
