These Altcoins Gained $35B in October, What Lies Ahead?
Crypto Market Insights:
- The total cryptocurrency market valuation, excluding BTC and ETH, has crossed $355 billion for the first time since July.
- The altcoin market rally accelerated in the second half of October, gaining $35 billion in two weeks.
- While Bitcoin ETFs hogged the media headlines, on-chain data shows that 6 altcoins outperformed BTC during the October 24 market rally.
The total cryptocurrency market valuation, excluding Bitcoin (BTC) and Ethereum (ETH), has crossed $355 billion for the first time since July.
As the prevailing market sentiment flashes green signals for another decisive leg-up in November, on-chain data trends pinpoint the key sectors attracting the largest volume of capital inflows.
The Altcoin Markets Grew By $35 Billion in October
Bitcoin (BTC) and Ethreum (ETH) attract most of the media headlines in the crypto sector. However, a closer look at the blockchain industry’s October trends reveals that investors have recntly spent billions tapping into alternative crypto assets (altcoins) with exciting prospects.
TradingView’s TOTAL3 chart tracks the aggregate valuation of all crypto assets excluding Bitcoin and Ethereum. Currently it shows that, the altcoin markets valuation rapidly grew from $320 billion on October 15 to cross the $355 billion milestone on October 29.
The chart above shows that the TOTAL3 chart is now on the verge of breaking down the major resistance wall around $365 billion mounted during the previous market rally in the aftermath of XRP’s victory over the SEC in July 2023.
A decisive breakout above $365 billion could open doors to fresh opportunities as the market rallies closer to the $400 billion milestone.
Promising Crypto Assets to Look Out for In November 2023
As analyzed above, a number alternative crypto assets attracted $35 billion capital inflows in the second half of October. This implies that as Bitcoin price retraced from its new 2023 peak of $35,000 last week, investors have been redirecting capital toward the altcoin markets.
Evidently, recent data compiled by CryptoRank.io shows that 6 altcoins outperformed BTC, despite Bitcoin Spot ETFs gaining most of media attention during the October 24 rally.
As seen below Mina Protocol (MINA), and PEPE and Injective (INJ) led the top gainers list last week, by a large margin. A closer look at the chart shows that Layer-1 blockchains, Memecoins, GameFi and Ethereum Liquidity Staking Derivatives are the sub-sectors that have attracted the largest volumes of capital inflows over the last two weeks.
As the crypto market rally gains momentum, investors risk appetite begins to increase. Hence, strategic investors looking to delve into the crypto assets could explore the sectors highlighted above for profitable opportunities in November 2023 and beyond.
