GOAT and RAY lead the weekly rise, within the 100 cryptocurrencies with the highest capitalization.
There is no altseason yet, according to Blockchain Center metrics.
The price of bitcoin hit a new all-time high of $76,500 this week, boosted by Donald Trump’s election victory in the United States and a significant influx of capital into ETFs. Now, the increase in the leading digital currency did not occur individually; More than 100 altcoins have followed in its wake, experiencing notable rises in a matter of days.
According to the data from CoinMarketCap, the cryptocurrencies of the Goatseus Maximus (GOAT), Raydium (RAY), Ethena (ENA), Neiro (NEIRO), Aave (AAVE), and Lido DAO (LDO) projects; These are some of the names that stand out in this weekly rebound, among the 100 with the highest market capitalization.
The rise of these cryptocurrencies is due, in large part, to the direct drag effect of the increase in bitcoin. But there are more factors at play.
GOAT, for example, registered an increase of 53.7% in one week, thus reaching the peak of gains among the largest capitalization altcoins. This impulse responded to the announcement of the listing of the currency in the futures market of the OKX exchange, being a catalyst significant.
Furthermore, there was news that a trader turned an initial investment of USD 58,000 into more than USD 7.5 million thanks to early investments in this memecoin.which raised interest around GOATwhich, at the close of this report, is trading at USD 0.82.
RAY, with an increase of 54.4%, benefit directly from the growth of the Solana ecosystem, where it acts as the main decentralized exchangeoffering high liquidity and commercial activity. That cryptocurrency is trading at USD 4.86.
ENA is not far behind, with an increase of 42.8%, which was driven due to a recovery in the purchasing dynamics of investors of that currency, which could lay the foundation for future short-term gains. Furthermore, this bullish movement of Ethena began towards the end of October, marking a positive trend that has continued to date. That asset is currently trading at $0.50.
Other notable movements are those of NEIRO, with an increase of 37.1%, Aave with 26.5%, and Lido DAO with 24.4%, all in the period of one week, both due to the drag effect of bitcoin , as well as other factors, predominantly those having to do with the US presidential election. and what it means for the cryptocurrency industry.
However, despite the enthusiasm around these altcoins, there is still no official “altseason.” Blockchain Center’s Altcoin Season Index places the market in a state where investor attention remains firmly anchored in bitcoinwith an indicator of only 31 points, well below the 75 necessary to declare an altcoin season.
Bitcoin’s dominance in the market has reached levels not seen since 2021, as reported by CriptoNoticias, underscoring investors’ current preference for the leading digital currency. Cryptocurrency analyst Willy Woo recently expressed his disinterest in altcoins, suggesting that the next altseason cycle could be dominated by memecoins, which he sees as a satire of the space rather than a disruptive technology.