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Bitcoin remains stable, Ripple and Cardano rise

While Bitcoin remains stuck in its current price, the Altcoin Season Index is approaching its highest point of the year.

By Finst News
• 2 min read
Bitcoin remains stable, Ripple and Cardano rise

While Bitcoin remains stuck in its current price, the Altcoin Season Index is approaching its highest point of the year. Hedera, Ripple, Cardano and IOTA dominate market sentiment.

The list of daily winners in the crypto market looks like a throwback to previous bull markets. Indeed, it is altcoins from the upward trends of 2017 and 2021 that are once again dominating price behavior.

Within the top 10, Ripple's XRP and Cardano's ADA show the strongest gains, with 11.6 and 12.8 percent daily growth, respectively. Cardano even achieves a new annual record, climbing to eighth place in the rankings.

Meanwhile, IOTA, Hedera's HBAR and VeChain's VET are posting parabolic growth, with increases between 30 and 50 percent in the past 24 hours. It seems the altcoin season has officially begun, which is confirmed by the Altseason Index from blockchaincenter.net. With a score of 82 out of 100 points, the index reached its highest level of the year. The index speaks of an altseason when 75 percent of the top-50 coins have outperformed Bitcoin in the past 90 days.

According to data from TradingView, Bitcoin's dominance drops to 55.7 percent, its lowest level since July of this year. Bitcoin's price is still consolidating within the range of $90,000 to $100,000 and stands at $96,183 at the time of writing.

Ethereum and Solana remain unchanged on a daily basis. However, with a loss of four percent over the week, Solana is the only coin in the top 10 to show a negative weekly performance. Solana remains under pressure due to the controversy surrounding the Memecoin Launchpad pump.fun.

However, the memecoin hype on Solana does not seem to be completely over. Thanks to a listing on Coinbase, Moo Deng, a memecoin launched through pump.fun, has posted growth of nearly 90 percent in the past 24 hours and almost reached its old record high.

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