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altcoins

How Summer Is Turning Into A Short-Lived Altcoin Season

Best Owie by Best Owie
1 year ago
in Altcoins
0

Altcoin season is a phenomenon that excites investors in the crypto market. It often means a period of multiple gains as the altcoins see their valuations and prices grow rapidly. This usually comes after a bull run in the price of bitcoin, which is now the case with the current market. With summer coming into full bloom, altcoins seem to be having the time of their lives as performance has been outstanding all around.

Altcoin Run Up The Market

The altcoins have now dominated the market, although the gains bitcoin has posted. July has been a welcome reprieve for investors following the market crash of June. The numbers for the month are now in, and it shows that the crypto market had a good month in July.

Related Reading: Cardano Founder Explains Reasons Behind Vasil Delay, But Is This The Last Time?

Mid Cap altcoins emerged as the winners of the market last month. These cryptocurrencies, which continue to boast strong communities, gave the best run for the month. Data shows that the returns for the Mid Cap Index came out to 40%, the highest of all the indexes by a considerable margin.

Next was the Small Cap Index. It is interesting that it came in behind the Large Cap Index, given that this index is known to thrive in markets such as this. Nevertheless, the Small Cap Index saw the second-highest returns with 30% for the month of July.

altcoin season

Altcoins outperform bitcoin | Source: Arcane Research

The Large Cap naturally followed behind its smaller counterparts. It saw 26% returns for the month of June, putting it ahead of only bitcoin in this regard. These numbers show an incredible month for the market despite the issues that have rocked it.

Bitcoin Follows With Double-Digits

Bitcoin was not left out of the gains that were recorded in July. The leading cryptocurrency has also followed the trend of double-digit gains, albeit returning much lower compared to its smaller counterparts with 17% in gains. This is attributed to the gains made that saw bitcoin surge above $24,000 at one point. However, it also lost to altcoins on another front.

Bitcoin price chart from TradingView.com

BTC recovers to mid-$23,000s | Source: BTCUSD on TradingView.com

The battle between Ethereum and Bitcoin remains one for the books, and the altcoin has been ramping up the fight in recent times. Ethereum’s strength against bitcoin had recovered, which saw it eat another 0.43% of market share once more.

Related Reading: Shiba Inu Unveils The Name Of Its New CCG Game

Bitcoin’s market dominance fell by 0.22%, and stablecoins had also seen their dominance decline by 0.48%, 0.49%, and 0.14% for USDT, USDC, and BUSD, respectively. This signifies that positive confidence is returning to the market, and investors are no longer flocking toward safe-haven assets.

Featured image from Tekcore, charts from Arcane Reseach and TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

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Best Owie

Best Owie

Best Owie is a Managing Editor at Bitcoinist with extensive experience and a proficient expert known for crafting captivating and insightful content. Best boasts over six years in the crypto sector, and has supervised the conception and publication of thousands of articles. Best is also a content and marketing strategist with the ability to make sure your content reaches the right audience and beyond. In every aspect, Best stands out as a consummate professional, always striving for unparalleled excellence both within and outside the workplace.

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