On November 15th, as Bitcoin (BTC) prices hit an intraday high of $37400, some alternative currencies continued to perform strongly. Entering this week, dYdX, Solana (SOL), and Avalanche (AVAX) have all shown double-digit gains, each chasing new highs so far this year

On November 15th, as Bitcoin (BTC) prices hit an intraday high of $37400, some alternative currencies continued to perform strongly. Entering this week, dYdX, Solana (SOL), and Avalanche (AVAX) have all shown double-digit gains, each chasing new highs so far this year.

The ongoing bullish price actions of altcoin have led some analysts to announce the arrival of the altcoin season. At the time of writing, the total market value of the altcoin market has reached a new high in 2023, reaching $659.5 billion.

Altcoin price increases typically involve a series of factors, some based on emotions and others based on project fundamentals. Let's take a look at the top performing companies in the market this week and see what the catalysts behind their growth are.

DYdX cost conversion has increased prices

The platform behind the DYDX token is DYDX, a decentralized exchange (DEX) that provides futures contracts on EVM blockchains such as Ethereum (ETH). On October 27th, dYdX launched its first layer blockchain and created the Genesis block, which runs using local dYdX tokens. This release allows all fees received to be allocated on the chain to validators and bet holders. The agreement update is excellent for the price of DYDX tokens, which has increased by over 110% in the past 30 days.

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In addition to the increase in token prices, the dYdX platform has also announced a large number of users, including increases in fees and revenue. Both indicators increased by 77.5% within 30 days, reaching $8.67 million. On an annual basis, this may mean a fee of $105.5 million for validators and bet holders.

Solana prices hit a new high in 2023

Solana's SOL token has an impressive 30 day return rate, with an increase of over 166%. Although the price of Solana reached its highest point in 2023 on November 10th, it is still more than four times lower than the historical high of $259.96.

The price growth of Solana is driven by an increase in users, led by dAppJito, the best-performing mobile security platform on the blockchain. Solana's daily active users also reached a new high of 200000 on November 10th, 2023. As users increased, Solana's revenue exceeded $1 million within 30 days, an increase of 78.2%.

Avalanche's AVAX token accelerates development

Avalanche is a layer 1 blockchain similar to Solana, where validators process transactions and receive tokens. Compared to Solana and dYdX, Avalanche generates less revenue, but this does not prevent the token from running at double-digit speeds this week.

Although the price of AVAX tokens is relatively small, they have consistently performed well. In the past 7 days, AVAX has increased by over 59% and achieved a staggering growth of 118% within 30 days. The price of AVAX is still more than 7 times lower than its historical peak.

Related: Is it the off-season now? Altcoin's 30-day performance and total market value skyrocketed

Despite the good performance of these three alternative currencies, Bitcoin continues to dominate the entire market, with its dominance hovering at over 50% since October 16th. When the dominant position of Bitcoin decreases, these funds usually flow into alternative currencies, which is usually the beginning of the substitution season.

This article does not include investment advice or recommendations. Every investment and transaction involves risks, and readers should conduct their own research when making decisions.

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