In recent days, crypto markets have started to recover, despite a period of bearish outlook. Bitcoin is almost reaching the $100,000 mark today, and trading volumes are starting to pick up. This renewed market enthusiasm was great for several altcoins, especially IP, Sonic, and JTO. These prominent altcoins are up more than 20%, and traders are wondering if the altcoin season may be starting soon.
Jito (JTO), Solana’s liquid staking protocol, reached a daily high of $3.52 on Friday, February 20. The token rose to its high by 30 percent in a few hours. This is despite Solana’s recent underperformance, despite the Libra memecoin scandal. After stabilizing at $3.19, Jito is trading at 17.32% over the 24-hour period.
The same day, Sonic, previously known as Fantom, was also up 30 percent, reaching a high of $0.9891. The recent rebranding, aimed at highlighting its fast network speed, helped contribute to trading activity. Sonic is currently trading at $0.8558 and is up 54% over the last 7 days.
The recently launched Story (IP) was a top performer this week. Just two weeks ago on February 13, Story launched at a price of $1. Since then, it has risen more than 700%. The token reached its all-time high of $7.11, on Thursday, February 20. Currently, IP is trading at $4.69, still up 30% over the last 24 hours.
Are JTO, Sonic, and IP Signs of the Altcoin Season Starting?
While JTO, Sonic, and IP saw significant gains, this was not so with many other altcoins. For instance, Stellar was down 5.18%, while Hedera declined 3.78%. According to the altcoin season index, 23 out of the top 100 altcoins outperformed Bitcoin in the last 90 days.
According to these metrics, Bitcoin is still dominating trading interest. Notably, the last time altcoin season was in effect was in late December, when more than 75 top altcoins outperformed Bitcoin.
This came after a significant Bitcoin rally, with tokens such as XRP and Solana reaching multi-year highs. This pattern suggests that another Bitcoin bull run will likely precede a more general altcoin season.
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