Prominent market tracker Santiment argues altcoins now outperform Bitcoin as investors reallocate profits, with RUNE, Solana, and NEAR tokens leading the charge.
According to data from the renowned market intelligence platform Santiment, alternative cryptocurrencies are gradually stealing the spotlight from the most prominent cryptocurrency, Bitcoin.
In a recent tweet, Santiment highlighted that altcoins are consistently engineering bullish rallies to compensate for their previous losses. The market tracking firm claimed the market dynamics are shifting with altcoins gaining momentum, topping Bitcoin, while BTC has slipped back into the passive trading zone.
More specifically, Santiment argued that crypto investors appear to be reallocating their recent profits into large and mid-cap altcoins while Bitcoin remains relatively stable, just below the $35,000 level.
🥳 #Altcoins are continuing to make up for lost time. As #Bitcoin continues resting just below $35K, profits from the past couple weeks continue funneling into large and mid cap assets like $SNT (+108% in 7 days), $SUSHI (+82% in 7 days), and $BLZ (+39% in 7 days). pic.twitter.com/vFookgr47m
— Santiment (@santimentfeed) November 4, 2023
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Large and Mid-Cap Alts Investors Funnel Into
Santiment cited specific examples of the mid-cap altcoins winning investors’ appeal. It includes the Status (SNT) token, which has increased 108% over the past week, per the report.
Also, the market tracker noted SushiSwap (SUSHI), stating it has risen by 82% in the same timeframe. Similarly, it disclosed that Bluzelle (BLZ) has increased by 39% in seven days.
Meanwhile, Santiment’s tweet contained a graphical representation of the seven-day gains of the top 60 large market cap tokens. According to the chart, the best-performing large-cap altcoins include THORChain (RUNE), Solana (SOL), and Near Protocol (NEAR). These three tokens have engineered at least a 30% gain on a seven-day scale.
Looking at a broader timeframe, on a monthly basis, CoinMarktCap data suggests RUNE commands an impressive 94.43% increase, standing at $3.50. Solana has also maintained a substantial rise, up 71.84%, as it is now priced at $40.32. In the same vein, NEAR has recorded a one-month gain of 47.01%, with its trading price at $1.60.
Given the performance of multiple altcoins in recent weeks, Santiment’s tweet suggests the altcoin season may have officially kicked off. Besides, prominent chartists such as Michaël van de Poppe have forecasted the altcoin bullish breakout, urging market participants to buy dips.