According to CoinDesk, smaller cryptocurrencies, or altcoins, outperformed bitcoin (BTC) in November, with tokens such as AVAX, HNT, BLUR, and RUNE doubling in price. The broadening crypto rally has led to predictions of an 'alt season.' Avalanche's native token (AVAX) saw a 97% surge over the past month, the highest among large-cap digital assets, following news that JPMorgan and Apollo are using the network to test real-world-asset tokenization. Transaction volumes on Avalanche's blockchain also increased, with a record $2 billion in weekly transactions.
Helium (HNT), an internet-of-things communications protocol, experienced a 110% rally last month. Other top performers included non-fungible token (NFT) marketplace Blur's token (BLUR) and THORchain's native crypto (RUNE), both doubling in price. Meanwhile, bitcoin (BTC) recorded a 10% monthly gain, with ether (ETH) increasing by 13%. The slowing momentum for large-cap cryptocurrencies has prompted investors to shift profits into riskier areas of the digital asset market.
CoinDesk Market Index sector performances showed larger gains than BTC, with the culture and entertainment sector index (CNE) and DeFi sector index (DCF) rising 42% and 39% over the past month, respectively. Investment advisory firm ByteTree suggests that the widening breadth of the crypto rally indicates an 'altcoin season,' a period when smaller cryptocurrencies outperform bitcoin. ByteTree data revealed that about half of the top 100 cryptocurrencies are in neutral or rising trends compared to BTC.
Huang Bo
