Solana (SOL), Avalanche (AVAX) and dYdX produce double-digit gains as Bitcoin reclaims $37K

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On Nov. 15, a number of altcoins continued to point out energy alongside Bitcoin (BTC), which notched an intra-day excessive at $37,400. Main into the week, DYDX, Solana’s SOL (SOL) and Avalanche’s AVAX (AVAX) at present mirror double-digit positive factors, with every chasing after new year-to-date highs. 

The sustained bullish value motion from altcoins has led some analysts to declare the arrival of an altcoin season, and at the time of writing, the total market capitalization of the altcoin market has hit a 2023 high at $659.5 billion.

Altcoin price rallies typically involve a slew of factors, some being sentiment-based and others based on project fundamentals. Let’s look at a few of this week’s top market performers to see what catalysts underlie their growth.

dYdX fee switch boosts price

The platform behind the DYDX token is dYdX, a decentralized exchange that gives futures contracts on Ethereum Digital Machine blockchain tokens like Ether (ETH). On Oct. 27, dYdX launched its layer-1 blockchain with the creation of its genesis block, which operates utilizing native DYDX tokens. The launch allowed for the on-chain distribution of all charges acquired to validators and stakers. The protocol replace has been incredible for DYDX’s value, sending it up over 110% up to now 30 days.

DYDX value. Supply: TokenTerminal

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Along with token value appreciation, the dYdX platform is posting substantial consumer numbers, together with elevated charges and revenues. Each metrics have witnessed 77.5% will increase to $8.67 million in 30 days. Annualized, this might imply $105.5 million in charges for validators and stakers.

DYDX charges and income. Supply: TokenTerminal

SOL value hits one other 2023 excessive

Solana’s SOL token has had a powerful 30-day return profile, gaining over 166%. Regardless of reaching a 2023 excessive on Nov. 10, Solana’s price continues to be over 4x under its all-time excessive of $259.96.

Solana value. Supply: TokenTerminal

Solana’s value development has been powered by an uptick in customers, which is led by the top-performing decentralized software on the blockchain, Jito, a liquidity staking platform. Solana’s each day lively customers additionally hit a 2023 excessive on Nov. 10, reaching 200,000. Coinciding with the rise in customers, Solana’s income has eclipsed $1 million in 30 days, recording a 78.2% enhance.

Solana each day lively customers and income. Supply: TokenTerminal

Avalanche’s AVAX token picks up steam

Avalanche is a layer-1 blockchain just like Solana, the place validators course of transactions and obtain tokens. In contrast with Solana and dYdX, Avalanche brings in much less income, however that hasn’t stopped its token from happening a double-digit run this week.

dYdX, Solana and Avalanche charges. Supply: TokenTerminal

Regardless of being comparatively smaller, AVAX has been performing properly. Up to now seven days, AVAX reached above 59% in positive factors, and it hit a powerful 118% development in 30 days. AVAX’s value continues to be greater than 7x under its all-time excessive.

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AVAX value. Supply: TokenTerminal

Whereas these three altcoins are performing properly, Bitcoin continues to dominate the general market, with its dominance charge hovering above 50% since Oct. 16. When Bitcoin dominance decreases, these funds sometimes flow into altcoins, which is usually the beginning of an altseason.

Bitcoin dominance. Supply: Coinglass