Avalanche & Helium Spearhead Crypto Gains Amid Bitcoin Bull Season

• Performance of Minor Tokens Surpass Bitcoin amid November Crypto Market Surge
• Altcoins Record Explosive Gains
• Remarkable Increase in Avalanche's Transaction Volumes
• Performance of Other Notable Altcoins
• Bitcoin's Performance Amid Altcoin Surge
• Ethereum's Performance
• Market Index Sector Performances
• An Ongoing Altcoin Season

Performance of Minor Tokens Surpass Bitcoin amid November Crypto Market Surge

Minor tokens, including AVAX, HNT, BLUR, and RUNE, significantly surpassed bitcoin in performance during the bullish wave that characterized the cryptocurrency markets in November. This development has led to speculations of an impending altcoin season, as stated by ByteTree.

Altcoins Record Explosive Gains

November was a period of remarkable gains for altcoins as a range of smaller cryptocurrencies outperformed bitcoin (BTC). This performance has led to anticipations of an altcoin season. The native token of Avalanche (AVAX) recorded a 97% surge over the past month, outshining other large-cap digital assets. This is attributed to the news that financial powerhouses JPMorgan and Apollo are utilizing the network for real-world-asset tokenization testing.

Remarkable Increase in Avalanche's Transaction Volumes

Avalanche's blockchain experienced a significant rise in transaction volumes over the month, with its highest weekly traffic hitting $2 billion in transactions within a year, according to a report by blockchain analytics firm IntoTheBlock. The report highlighted a considerable increase in inflows to Avalanche in the last two quarters of the year, with net inflows in Q3 and Q4 (up to late November) amounting to $79 million and $56 million, respectively. This has significantly invigorated the ecosystem.

Performance of Other Notable Altcoins

The Helium$6.74 6.56% (HNT) internet-of-things communications protocol also made a significant splash with a 110% rally last month, according to data. Other standout performers included non-fungible token (NFT) marketplace Blur's token (BLUR) and decentralized cross-chain liquidity protocol THORchain's native crypto (RUNE), both of which doubled in prices throughout the month.

Bitcoin's Performance Amid Altcoin Surge

Conversely, Bitcoin$42,260 -0.64% (BTC) posted a 10% monthly gain, hovering most of the month between $34,000 and $38,000. Despite several previous attempts to break out being quickly sold off, the largest cryptocurrency by market cap seemingly breached the range on the last day of November, reaching a new yearly high of $38,800.

Ethereum's Performance

Ethereum$2,315 -2.42% (ETH), the second-largest crypto, also saw a 13% increase in November, steadying above the $2,000 level for the first time since April and consolidating there. This slowing momentum for large-cap cryptocurrencies led investors to transfer profits into riskier sections of the digital asset market.

Market Index Sector Performances

The performances of the Market Index sectors, which posted larger gains than BTC, reflect this trend. The culture and entertainment sector index (CNE) - an indicator for NFT and metaverse tokens - and DeFi sector index (DCF) increased by 42% and 39% over the past month, respectively.

An Ongoing Altcoin Season

ByteTree, an investment advisory firm, suggested in a report this week that the expanding breadth of the crypto rally signifies that we are currently in an altcoin season. Market watchers typically refer to altcoin seasons as periods when smaller cryptos outperform bitcoin. ByteTree data found that about half of the top 100 cryptocurrencies exhibit a neutral or rising trend versus BTC, reaffirming that it's indeed an altcoin season.

Edited by Jonathan Stoker