header banner
Default

Crypto Markets: After a $35 billion gain in October, what is next for these altcoins?


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. 

TOTAL3 (Total Crypto Market Cap Excluding BTC and ETH) October 2023

TOTAL3 (Total Crypto Market Cap Excluding BTC and ETH) October 2023 | Source: TradingView

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. 

Best Performing Crypto Assest | October 2023.

Best Performing Crypto Assest, October 2023. | Source: Cryptorank.io

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.

Sources


Article information

Author: Janice Smith

Last Updated: 1699560241

Views: 1215

Rating: 4.3 / 5 (85 voted)

Reviews: 80% of readers found this page helpful

Author information

Name: Janice Smith

Birthday: 1908-03-09

Address: 1874 Barnett Estate Suite 763, West Jeffreyborough, NH 46373

Phone: +4680641015492155

Job: Article Writer

Hobby: Singing, Tennis, Drone Flying, Photography, Skiing, Card Games, Graphic Design

Introduction: My name is Janice Smith, I am a artistic, enterprising, forthright, frank, valuable, vibrant, persistent person who loves writing and wants to share my knowledge and understanding with you.