In October, 20 of the top 500 cryptocurrencies reached new price records, hinting at the potential start of an altcoin season. Notably, memecoins accounted for 14 of these all-time highs. However, many established coins from the previous bull market, like those traded on Gate.io, SOL, and ETH, remain significantly below their peaks, averaging an 89% decline from their all-time highs. This situation raises questions about the current altcoin season's dynamics, suggesting it may not favor previously popular coins, which would need substantial value increases to reach new highs. Present market conditions show BTC approaching $70,000, with analysts anticipating potential movement following the US elections. Positive sentiment is noted in market indicators and trading activities, yet volatility is expected until the elections conclude. Analysts emphasize that the market’s reaction after the election results is crucial and currently show a bullish tone despite uncertainties. Overall, while there are signs of new highs, the precarious environment presents mixed forecasts for the crypto landscape.

Source 🔗