Avalanche and Solana are among the tokens that have broken their all-time highs in recent days. It is striking that the new ATHs have occurred outside of the altcoin season.
Bitcoin (BTC) is not the only crypto asset that has recently exceeded its all-time high (ATH). Other cryptocurrencies have broken their ATHs or have come close to it. That has happened even though the market is not currently in the altcoin season.
According to the latest report from Coin Metrics, cryptocurrencies such as Ether (ETH), Avalanche (AVAX), Solana (SOL) and Axie Infinity’s AXS have exceeded their ATHs. Those altcoins have hit those new record prices in no time, just from September to date.
The firm refers to the highs that ETH reached last week, exceeding USD 4,782 on November 8th. Before that, it had gone above USD 4,400 on October 28th, beating the ATH of October 21st when it was worth more than USD 4,300.
They also cite AVAX, which set a record on November 8th when its value rose to USD 96. The cryptocurrency had already reached two ATHs in September.
The price of SOL, Solana’s native token, peaked at more than USD 214 in September. The figure rose on November 6th when the price was above USD 256. That placed SOL in the fifth position in the ranking by market capitalization.
AXS, the governance token of the Axie Infinity game, exceeded its ATH on November 6th when its price reached more than USD 164.
The Number of Cryptocurrencies Exceeding their ATH Increases
The report from Coin Metrics indicates that the number of altcoins breaking their all-time highs is constantly growing. To do this, it takes into account that the list of those close to their ATH is increasing.
Polkadot (DOT) and the Terra project (LUNA) are also among the altcoins about to exceed their ATHs. However, both made new highs shortly after Coin Metrics released its report. DOT traded above USD 47, and LUNA was worth USD 54 on November 8th.
Binance (BNB) is among the cryptocurrencies that are approaching their highs. Besides, the recent renaming of Facebook to Meta has influenced tokens related to the metaverse.
Regarding the crypto assets linked to the metaverse, Coin Metrics highlights the movements of Decentraland (MANA) and Sandbox (SAND), also close to all-time highs. They note that decentralized finance (DeFi) tokens like Uniswap (UNI), Aave (AAVE), and Compound (COMP) have fallen behind.
They Break Their ATHs outside of the Altcoin Season
Curiously, these records are happening outside of the altcoin season (altseason). This index has the objective of comparing the performance of the top 50 cryptocurrencies with that of Bitcoin.
According to the index, the performance of BTC over the past 90 days has been above that of altcoins. Only 51% of cryptocurrencies usually outperform Bitcoin, while that percentage is above 75% in altseasons.
Bitcoin has lost much of its dominance this year, which will allow understanding what happens with altcoins. Data from CoinMarketCap reveals that the pioneering cryptocurrency went from 69% in January 2021 to 42.8% on November 7th.
That has happened after the growth of Ether and many altcoins on the market, which are exceeding their ATHs. That indicates that the price of Bitcoin influences that of the other cryptocurrencies, as its latest all-time highs have.
By Alexander Salazar
