Altcoin Season? DYDX, Solana's SOL, and Avalanche's AVAX Show Strength Alongside Bitcoin

Altcoins Reflect Double-Digit Gains

On November 15th, several altcoins, including DYDX, Solana's SOL, and Avalanche's AVAX, continued to show strength alongside Bitcoin, with each chasing after new year-to-date highs. The sustained bullish price action from altcoins has led some analysts to declare the arrival of an altcoin season.

dYdX's Fee Switch Boosts Price

The platform behind the DYDX token, dYdX, recently launched its layer-1 blockchain, which has been fantastic for DYDX's price, sending it up over 110% in the past 30 days. In addition to token price appreciation, the dYdX platform is posting substantial user numbers, with increased fees and revenues.

Solana's SOL Hits Another 2023 High

Solana's SOL token has had an impressive 30-day return profile, gaining over 166%. Solana's price growth has been powered by an uptick in users, which is led by the top-performing decentralized application on the blockchain, Jito. Coinciding with the increase in users, Solana's revenue has also seen a significant increase.

Avalanche's AVAX Picks Up Steam

Avalanche, a layer-1 blockchain similar to Solana, has seen its AVAX token go on a double-digit run this week. Despite being relatively smaller, AVAX has been performing well, reaching impressive gains in the past seven and 30 days.

Altcoins Performing Well, but Bitcoin Dominates

While these three altcoins are performing well, Bitcoin continues to dominate the overall market. However, when Bitcoin dominance decreases, funds typically flow into altcoins, which could be the start of an altseason.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.