- XRP, LINK, and HBAR lead the surge, mirroring 2021’s historic crypto market rally.
- Altcoins gain as Bitcoin holds strong above $95K, signaling potential altseason ahead.
- DeFi, RWA, and metaverse demand drive altcoin momentum with triple-digit growth seen.
Back in 2021, the crypto market saw a monumental rally with digital assets like Hedera (HBAR), Chainlink (LINK), The Sandbox (SAND), VeChain (VET), Fantom (FTM), Quant (QNT), XRP, Avalanche (AVAX), and Axie Infinity (AXS) reaching billion-dollar valuations. Now, these altcoins have exploded again, after months of stagnation.
According to CoinMarketCap data, the total valuation of the digital asset space hit $3.5 trillion recently, with HBAR up 36.33%, LINK up 26.33%, SAND up 19.67%, VET up 29.14%, FTM up 15.83%, QNT up 20.60%, and XRP up 11.26%. Also, AVAX and AXS were up 8.37% and 15.12%, respectively.
Most of these altcoins are still significantly down from their all-time highs in 2021 but have made up for years of sideways movement, including XRP, which has hit a multi-year high and is heading towards the $3 price level. A major reason for this surge could be Bitcoin (BTC) staying strong above $95,000 and capital moving into the altcoin sector.
In addition, a massive surge in the demand for DeFi, RWA, and metaverse sectors could be contributing to the rising prices of these altcoins. Institutional adoption of blockchain protocols and pro-crypto regulations could push the prices of these altcoins higher.
Is Altseason Here?
The crypto market works in phases: First, money flows into the leading cryptocurrency, Bitcoin (BTC), and then Ether (ETH) reaches higher highs. As noted by analyst, Crypto Rover, on X (formerly Twitter), once Bitcoin goes up quickly, money starts flowing into large-cap altcoins and ETH, which soon become “parabolic.”
Read also: AI Altcoin Bull Run? BitTensor, NEAR, and SPEC Hold Key Supports
After that, altseason approaches, starting with tokens with strong fundamentals going up, and then, mid-cap, small-cap, and micro-cap cryptocurrencies start their uptrend. Meme coins also become bullish, and every altcoin, no matter its fundamentals, sees monumental gains.
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