Solana (SOL), Avalanche (AVAX) and dYdX produce double-digit gains as Bitcoin reclaims $37K

On Nov. 15, several altcoins continued to show strength alongside Bitcoin (BTC), which notched an intra-day high at $37,400. Leading into the week, DYDX, Solanas SOL (SOL) and Avalanches AVAX (AVAX) currently reflect double-digit gains, with each chasing after brand-new year-to-date highs. The sustained bullish price action from altcoins has actually led some analysts to state the arrival of an altcoin season, and at the time of composing, the overall market capitalization of the altcoin market has actually hit a 2023 high at $659.5 billion. Altcoin price rallies normally involve a slew of factors, some being sentiment-based and others based upon project principles. Lets take a look at a few of this weeks top market entertainers to see what drivers underlie their growth. dYdX fee switch increases priceThe platform behind the DYDX token is dYdX, a decentralized exchange that offers futures contracts on Ethereum Virtual Machine blockchain tokens like Ether (ETH). On Oct. 27, dYdX launched its layer-1 blockchain with the production of its genesis block, which runs using native DYDX tokens. The launch enabled the on-chain distribution of all fees received to validators and stakers. The procedure update has actually been fantastic for DYDXs cost, sending it up over 110% in the previous 30 days.DYDX price. Source: TokenTerminalRelated: Exclusive: 2 years after John McAfees death, widow Janice is broke and requires answersIn addition to token price gratitude, the dYdX platform is posting significant user numbers, including increased earnings and costs. Both metrics have experienced 77.5% increases to $8.67 million in 30 days. Annualized, this could imply $105.5 million in charges for validators and stakers.DYDX fees and revenue. Source: TokenTerminalSOL price hits another 2023 high Solanas SOL token has had an outstanding 30-day return profile, getting over 166%. Despite reaching a 2023 high on Nov. 10, Solanas rate is still over 4x below its all-time high of $259.96. Solana price. Source: TokenTerminalSolanas rate growth has actually been powered by an uptick in users, which is led by the top-performing decentralized application on the blockchain, Jito, a liquidity staking platform. Solanas everyday active users likewise struck a 2023 high on Nov. 10, reaching 200,000. Accompanying the boost in users, Solanas income has actually eclipsed $1 million in 30 days, recording a 78.2% increase.Solana daily active users and profits. Source: TokenTerminalAvalanches AVAX token choices up steamAvalanche is a layer-1 blockchain similar to Solana, where validators procedure deals and get tokens. Compared to Solana and dYdX, Avalanche brings in less revenue, but that hasnt stopped its token from going on a double-digit run today. dYdX, Solana and Avalanche charges. Source: TokenTerminalDespite being reasonably smaller, AVAX has actually been performing well. In the previous seven days, AVAX reached above 59% in gains, and it hit a remarkable 118% growth in 30 days. AVAXs price is still more than 7x listed below its all-time high. Related: Is it altseason? Altcoin 30-day performance and total market cap flash bullishAVAX cost. Source: TokenTerminalWhile these three altcoins are carrying out well, Bitcoin continues to dominate the total market, with its supremacy rate hovering above 50% considering that Oct. 16. When Bitcoin supremacy reduces, those funds normally stream into altcoins, which is generally the start of an altseason.Bitcoin dominance. Source: CoinglassThis post does not contain financial investment suggestions or recommendations. Every investment and trading move includes threat, and readers need to conduct their own research when making a choice.

The protocol upgrade has actually been wonderful for DYDXs rate, sending it up over 110% in the past 30 days.DYDX rate. Source: TokenTerminalRelated: Exclusive: 2 years after John McAfees death, widow Janice is broke and requires answersIn addition to token price appreciation, the dYdX platform is publishing considerable user numbers, including increased earnings and charges. Source: TokenTerminalSOL cost hits another 2023 high Solanas SOL token has had an excellent 30-day return profile, gaining over 166%. Regardless of reaching a 2023 high on Nov. 10, Solanas rate is still over 4x below its all-time high of $259.96. AVAXs rate is still more than 7x below its all-time high.