The movements in the altcoin market last month indicate that the altcoin season may have arrived.
Avalanche (AVAX), one of the largest altcoins, has gained more than 97% over the past month. JPMorgan and Apollo announced that they were using the Avalanche network for tokenization transactions.
According to research by blockchain analysis firm IntoTheBlock, transaction volumes on the Avalanche network also increased throughout the month. Weekly volume of transactions on the network, to 2 billion dollars broke the annual record.
Helium, the Internet of Things communication protocol, also came to the fore by gaining 110% in value throughout the month. In addition, the prices of NFT marketplace Blur (BLUR) and liquidity protocol THORChain (RUNE) stood out.
According to the report of investment consultancy firm ByteTree, these movements in the market are: “altcoin season” It shows that we are in the middle.
Meanwhile, Bitcoin gained 10% in value during the month, largely in the $34,000-$38,000 range. Ethereum (ETH), the second largest cryptocurrency, continues to remain above $2,000, gaining 13%.