Altcoin Season Lurking as 58% of Cryptocurrencies Outpace Bitcoin
Altcoin season may be on the horizon as 58% of cryptocurrencies outperform Bitcoin. According to CoinMarketCap, the top 10 tokens by weekly growth are ENA, QNT, SEI, NEAR, SUI, ZRO, ONDO, BCH, FET and AVAX, with gains of 25% or more.
While this does not yet constitute alt season, as defined by CoinMarketCap's Altcoin Season Index, the figure has more than doubled since September 1st, when it stood at 23. The index compares the returns of the 100 largest coins with those of Bitcoin, and a reading above 75% is considered the start of alt season.
The PONS token has emerged as an absolute leader, rising in price by 6,500% over 90 days. Zcash (ZEC) has risen by 294%, while Raydium (RAY), Uniswap (UNI), and Ethena (ENA) have each seen significant gains.