Altcoins Soar as 'Altseason' Takes Hold
The crypto market is experiencing a broader rally, as 'altseason' has officially begun. Analysts note that this time around, altcoins are rising in tandem with Bitcoin, unlike the August rally where BTC surged significantly while most altcoins remained relatively stable.
According to Glassnode, Dogecoin (DOGE) has gained 5.3% over the past 24 hours and 19.1% over the past week. Zcash rose by 35% in a week, Hyperliquid by 20.8%, and Solana by 16.1%. Ether (ETH) saw a modest rise of 0.7% over the past day and 10.9% over the past week.
This trend suggests that demand is spreading across a wider range of crypto assets, rather than being concentrated solely on Bitcoin. JP Richardson, CEO of Exodus, attributes this to large companies accelerating the bullish rally in digital assets, as small retail investors become less active in the market and financial institutions expand their presence.