By Shelly Melancon (Switzerland)
The Altseason index data shows that altcoins are currently performing better than Bitcoin. The index’s value is at 84 right now, indicating better performance than BTC.
The indecisiveness of the Bitcoin chart and the BTC’s consolidation over the past seven days is the probable cause for better altcoin performance. Altcoins have been growing sharply for almost two weeks now, while Bitcoin has been trading within a particular range.
ADA’s 100% Rise
ADA and SOL represent the top performers among the altcoins. The much-discussed Cardano Alonzo update, which is scheduled to happen less than twenty-five days from today, has positively impacted the ADA.
Also, the Cardano bulls have been pushing their governance token actively. ADA rose by 100% within the above period to edge past its previous all-time high and currently trades around $2.48.
ADA/USD chart. Source: TradingView
SOL Rises By Almost 245% In 6 Weeks
The recent interest, the fast-rising popularity in the decentralized finance (DeFi) space, and the bullishness in the overall crypto market positively affect the Solana ecosystem’s token (SOL). The Solana-built DeFi projects have witnessed an influx of investors and have caused a whopping 245% increase in the Solana token price.
Solana is touted as the fastest blockchain with the cheapest transaction fees. Hence, it has become a major rival for Ethereum and Cardano despite being launched less than a year ago. Meanwhile, the BTC rally isn’t as sharp as it was before. After declining to the $29K range late last month, the Bitcoin price has been on the rise.
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SOL-USD chart. Source: TradingView
News of increased institutional investment in it led to successive days of price rallies. But in the last 12 days, the BTC has been within a steady range. As of this writing, BTC has declined by 0.6% and trades at $47.5K. Altcoins, especially those of Cardano, Polygon, and Ripple, are performing better than Bitcoin by about 16% in the past 24 hours.
BTC/USD chart. Source: TradingView
Altcoins And All-Time Highs
ADA has set a new peak price today and is now the third altcoin to set a new peak price since the crash of the entire crypto market two months ago. LUNA and SOL are the other two altcoins that recently set new peak prices.
SOL set its new peak price two days ago, while LUNA set its peak price yesterday. These recent price actions, especially by altcoins, indicate the start of another bullish trend which is predicted to last for at least the next three months.
While almost all the altcoins had recouped at least 50% of their losses since the market downturn two months ago, BTC and ETH are also showing similar signs. Both of them are still about 29% shy of their peak price. Some cryptocurrency traders are predicting that FTT is the next altcoin to set a new peak price. Its major resistance is $54.57, but it rose by 25% in the last 24 hours and trades at $52.26.
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