While Bitcoin (BTC) broke its All-Time High (ATH) yesterday, a majority of the top altcoins remain under their ATH by over 10%.
Out of the top 10 cryptocurrencies by market cap (excluding stablecoins), only Ethereum (ETH) is within 10% of its ATH. It is currently priced at $4,121, down 5.6% from an ATH of $4,366.09 (via CoinMarketCap).
Meanwhile, Dogecoin (DOGE) has dropped some 66% in value since its ATH of $0.7376 in May 2021.
Is the Altseason Coming?
Bitcoin itself was 35% down from its ATH in September, but has seen rapid growth in October, also dubbed ‘Uptober’. While Bitcoin has a tendency to dictate the general trend of cryptocurrency prices, most other altcoins have failed to keep up with Bitcoin’s price surge. These are the following prices of the top altcoins, compared to their ATHs (as of 17:46 BST on October 21):
- Binance Coin (BNB): $474.08/$690.93 (-31.3%)
- Cardano (ADA): $2.17/$3.10 (-30%)
- Solana (SOL): $183.13/$214.96 (-14.8%)
- Polkadot (DOT): $43.00/$49.69 (-15.5%)
- Dogecoin (DOGE): $0.2457/$0.7376 (-66.6%)
Even Shiba Inu Coin, which up 292% in the past 30 days, is still 28.6% off its ATH of $0.0000388.
However, many altcoin hodlers speculate that Q4 will bring with it the ‘Altseason’.
Altseason is a period in the cryptocurrency cycle whereby altcoins will outperform Bitcoin (and often Ethereum, too), lowering the overall Bitcoin dominance. The last altseason occurred in Spring 2021, when Bitcoin’s market dominance dropped from 60% to 40%. Bitcoin’s dominance is currently at 47%.
While it’s impossible to say what the rest of the year will hold for altcoins, they are now posting positive returns after September’s crashes sent prices spiralling. Solana, which peaked right before the first September crash, is now up 20% in the past seven days. Indeed, every coin in the top 10 has posted positive returns in the last 30 days, ranging from +3.2% for ADA to +50.3% for DOT.