Avalanche, Helium Lead Monthly Crypto Gains as Bullish Bitcoin Consolidation Spurs Altcoin Season Call

November
brought
explosive
gains
for
altcoins
as
a
wide
range
of
smaller
cryptocurrencies
outperformed
bitcoin

(BTC),
prompting
calls
for
an
altcoin
season.

The
native
token
of
Avalanche

(AVAX)
surged
97%
over
the
past
month,
the
most
among
large-cap
digital
assets,
benefitting
from
news
that
finance
giants

JPMorgan
and
Apollo
are
using
the
network
to
test
real-world-asset
tokenization.

Transaction
volumes
on
Avalanche’s
blockchain
also
experienced
an
uptick
over
the
month,
recording
its
highest
weekly
traffic
of
$2
billion
in
transactions
in
a
year,
a

report
by
blockchain
analytics
firm
IntoTheBlock
pointed
out.

The
report
also
noted
a
sizable
increase
in
inflows
to
Avalanche
over
the
last
two
quarters
of
the
year,
with
$79
million
in
net
inflows
in
Q3
and
$56
million
in
Q4
through
late
November,
helping
rejuvenate
the
ecosystem.

Internet-of-things
communications
protocol
Helium

(HNT)
also
stood
out
with
a
110%
rally
last
month,
CoinDesk
data
shows.
Other
notable
best-performers
include
non-fungible
token
(NFT)
marketplace
Blur’s
token

(BLUR)
and
decentralized
cross-chain
liquidity
protocol
THORchain’s
native
crypto

(RUNE),
both
doubling
in
prices
through
the
month.

Bitcoin

(BTC),
meanwhile,
booked
a
10%
monthly
gain,
spending
most
of
the
month
between
$34,000
and
$38,000.
After
multiple
previous
breakout
attempts
being
sold
quickly,
the
largest
crypto
by
market
cap
apparently
jumped
above
the
range
on
the
last
day
of
November,
hitting
a
fresh
yearly
high
of
$38,800.

The
second-largest
crypto,
ether

(ETH),
increased
13%
in
November,
stabilizing
above
the
$2,000
level
for
the
first
time
since
April
and
consolidating
there.

Slowing
momentum
for
large-cap
cryptocurrencies
prompted
investors
to
rotate
profits
into
riskier
corners
of
the
digital
asset
market.

This
is
visible
in
CoinDesk
Market
Index
sector
performances,
which
posted
larger
gains
than
BTC.
The
culture
and
entertainment
sector
index

(CNE)
–
a
proxy
for
NFT
and
metaverse
tokens
–
and
DeFi
sector
index

(DCF)
rose
42%
and
39%
over
the
past
month,
respectively.

The
widening
breadth
of
the
crypto
rally
signals
that
we
are
in
the
midst
of
an
“altcoin
season,”
investment
advisory
firm
ByteTree
said
in
a

report
this
week.
Market
observers
refer
to
altcoin
seasons
as
periods
when
smaller
cryptos
outperform
bitcoin.

ByteTree
data
showed
that
about
half
of
the
top
100
cryptocurrencies
are
in
neutral
or
rising
trend
versus
BTC.
“That
confirms
it
is
alt
season,”
the
report
said.