As the cryptocurrency market continues its downturn, what's the latest on the altcoin season index? Here's what you need to know.
According to CoinMarketCap’s 90-day performance chart, Beam (BEAM) saw the most remarkable increase among altcoins that outperformed Bitcoin. While Bitcoin gained 13.81% in value during the same period, BEAM’s return in dollar terms reached 225.07%. Quant, Midnight, and Raydium were also among the altcoins that more than doubled in price.
Following BEAM, Quant (QNT) rose 177.99%, Midnight (NIGHT) 169.58%, and Raydium (RAY) 150.88%. Stacks (STX) completed the top six with a 137.42% gain and NEAR Protocol (NEAR) with a 111.71% gain.
Other cryptocurrencies that significantly outperformed Bitcoin included Pieverse (PIEVERSE) with a 99.63% gain, Arbitrum (ARB) with 94.87%, Zcash (ZEC) with 93.82%, and LayerZero (ZRO) with 93.36%. Uniswap’s UNI token rose 86.49%, while Injective’s INJ token increased by 71.18%.
The picture was different for some altcoins with larger market capitalization. Over the same 90-day period, Solana gained 8.06%, Ethereum 7.86%, and XRP 3.11%. All three rose in dollar terms, but fell short of Bitcoin’s 13.81% return.
The Index Rises to 42, How Many Points Are Left Until the Altcoin Season?
CoinMarketCap’s Altcoin Season Index rose to 42, up from 39 yesterday. The index was at 45 a week ago and 61 a month ago. Despite a one-day recovery, the percentage of altcoins outperforming Bitcoin remains lower compared to last month.
*This is not investment advice.
