Altcoin Season – An event that excites crypto investors. That’s right. This is a season of many victories, with altcoin valuations and prices soaring. This usually happens after a Bitcoin price rally. Now that summer is in full bloom, it looks like altcoins are having the time of their lives as performance is stellar on all sides.
Altcoins are driving the market higher
The market is currently dominated by altcoins – even if Bitcoin has grown considerably. July was a welcome return for investors after a market slump in June. This month’s figures are in now – and they show: The crypto market had a great month in July.
Mid-cap altcoins have been the market winners over the past month. These cryptocurrencies, which continue to boast a strong community, delivered the best results of the month. The data shows that the return for the mid-cap index was 40% — by far the highest of any index.
Then came the small cap index. Interesting: It lags behind the large-cap index, which is known for thriving in such markets. Still, the small-cap index posted the second-highest return of 30% in July.
Altcoins outperform Bitcoin | Source: Mysterious Research
The large-cap index naturally lags behind its smaller peers. It has returned 26% in June, ahead only of Bitcoin in that regard. Those numbers show an incredible month for the market — despite the issues that rocked it.
Bitcoin comes with double-digit returns
Bitcoin was not spared from the price gains in July either. The leading cryptocurrency has also followed the trend of double-digit gains – although at 17% it is much slower than its smaller peers. This is due to the gains that saw Bitcoin surge above $24,000 multiple times. However, it also had to admit defeat to the altcoins on the other front.
BTC recovers to mid-$23,000 | Source: BTCUSD at TradingView.com
The fight between Ethereum and Bitcoin remains a tussle for the history books. Ethereum has slightly gained strength against Bitcoin, with Ethereum gaining 0.43% of the market share.
Bitcoin market dominance is down 0.22%. Stablecoin dominance also declined by 0.48%, 0.49%, and 0.14% for USDT, USDC, and BUSD, respectively. This suggests that confidence in the market is returning and investors are no longer turning exclusively to ‘safe havens’.
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