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Cardano Jumps 12% While Dogecoin and Sui Gain 10%—Is Altseason Here?
In a sudden and unexpected turn of events, the cryptocurrency market has witnessed an impressive rally in top altcoins, with Cardano (ADA) leading the charge by jumping a staggering 12% in just 24 hours. The meme-based cryptocurrency Dogecoin (DOGE) and Sui (SUI) have also seen massive gains of at least 10%, leaving many wondering if this is indeed the start of a much-anticipated altseason.
As Bitcoin (BTC) dominance faces resistance at 67%, 69%, or even 71% to mark the beginning of the altseason, it seems that market participants are increasingly optimistic about the prospects of other cryptocurrencies. The news comes as BTC has recorded an all-time high price of $118k, rising by 6% in the last 24 hours to surpass its previous high of $112k.
The sudden move has had a ripple effect on the broader market, with the Altcoin Index surging by two points to 30/100. Furthermore, almost every top altcoin, including Cardano (ADA), Dogecoin (DOGE), and Sui (SUI), have recorded impressive gains, suggesting that altseason could be imminent.
Cardano’s price has seen a significant surge of 12% in the last 24 hours, pushing its weekly returns to an impressive 18%. The cryptocurrency asset has moved from $0.61 to $0.69 while its market capitalization has increased to $21.6 billion. Supporting this move is a substantial jump in daily trading volume, which now sits at $1.4 billion.
Similarly, Dogecoin (DOGE) and Sui (SUI) have seen significant gains of at least 10%. Dogecoin’s weekly returns have reached 17%, with its market capitalization hitting $29.9 billion after moving from $0.179 to $0.1986. This rally is accompanied by a notable increase in trading volume, which has surged by 22% to $2.09 billion.
Meanwhile, Sui (SUI) has seen its value rise significantly, growing from $3.1 to $3.5 within the same timeframe. The cryptocurrency’s weekly gains have reached an impressive 17%, and a substantial increase in trading volume has taken place with the market capitalization now at $2.2 billion.
While it seems that the stars are aligning for altcoins, analysts suggest that the actual start of the altseason is yet to come. It appears that Bitcoin’s dominance would have to experience a downward phase after reaching its peak to set the stage for this season.
It remains to be seen whether this rally will continue or if it is just an anomaly in the market dynamics.
Source: www.crypto-news-flash.com
