JTO, Sonic, and IP See Double-Digit Gains, But Is This the Start of Altcoin Season?

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.

Crypto markets have shown signs of recovery in recent days, after a period of bearish outlook. Bitcoin is nearing the $100,000 mark on Friday, and trading volumes are picking up.

This renewed market enthusiasm was particularly beneficial for several altcoins, including IP, Sonic, and JTO, which surged by more than 20%. As a result, traders are speculating on the potential start of altcoin season.

Jito (JTO), Solana's liquid staking protocol, hit a daily high of $3.52 on Friday, surging by 30% within a few hours. This rapid ascent occurred despite Solana's recent underperformance, following the backlash against the Libra memecoin project. After stabilizing at $3.19, Jito is still up 17.32% over the 24-hour period.

Meanwhile, Sonic, formerly known as Fantom, also soared by 30% on Friday, reaching a high of $0.9891. The recent rebranding, which aims to highlight its fast network speed, contributed to the trading activity. Sonic is currently trading at $0.8558 and has risen by 54% over the last 7 days.

Among the recently launched tokens, Story (IP) emerged as a top performer this week. Having launched at a price of $1 on February 13, Story has surged by over 700% since then. The token hit its all-time high of $7.11 on Thursday, before稍稍回落 to $4.69, still showing a 30% gain over the last 24 hours.

Are JTO, Sonic, and IP Signs of the Altcoin Season Starting?

While JTO, Sonic, and IP experienced significant gains, this was not the case for many other altcoins. For instance, Stellar saw a decline of 5.18%, and Hedera dropped by 3.78%.

According to the altcoin season index, 23 out of the top 100 altcoins have outperformed Bitcoin in the last 90 days. However, Bitcoin still dominates trading interest, based on these metrics.

The last time altcoin season was in effect was in late December, when more than 75 top altcoins outperformed Bitcoin. This occurred after a major Bitcoin rally, with tokens like 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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