Bitcoin’s Rally Cools Off, Altcoins Continue to Surge
Bitcoin experienced a slowdown in its two-week rally, but several major altcoins, including Ripple’s XRP, Solana (SOL), and Cardano (ADA), continued to show double-digit percentage gains.
Bitcoin and Ethereum
Bitcoin grew by 2.7% over the past week, reaching a price of $34,802. The hype surrounding the potential approval of a Bitcoin exchange-traded fund (ETF) in the US contributed to its recent price appreciation. However, no ETF approval has been granted yet. An analyst at investment research firm Bernstein predicts that an ETF approval could happen in the first quarter of 2024 and could drive Bitcoin’s price to $150k by 2025. Ethereum also saw a 2% growth this week and is currently priced at $1,809.
Solana’s Impressive Gains
Solana (SOL) had the most significant gains among the top cryptocurrencies, surging by 22.9% over the week to reach $39.58. The coin’s value was 80% higher than at the beginning of the month due to its growing developer community, which sees it as a strong competitor to the Ethereum blockchain. However, SOL experienced a brief dip on Friday following substantial transfers from wallets linked to FTX after a court-approved liquidation of the exchange’s digital assets.
Other Notable Rallies
Several other coins and tokens in the top thirty by market cap also saw significant rallies this week. XRP rose by 11.4%, Cardano (ADA) grew by 11.2%, Toncoin (TON) rallied by 9.2%, Polkadot (DOT) surged by 1.7%, Uniswap (UNI) rallied by 14%, Stellar’s XLM grew by 9.6%, and Cosmos Hub (ATOM) grew by 10%.
In the News
Circle, the issuer of USDC, announced that it is closing down legacy accounts, meaning that retail users can no longer mint the stablecoin directly from the company. PayPal became a registered crypto service provider with the UK’s Financial Conduct Authority, allowing it to market its digital asset services to UK customers. Coinbase reported a third-quarter loss of $2.2 million but exceeded analysts’ predictions, while Jack Dorsey’s company Block reported better-than-expected Q3 earnings of $5.62 billion thanks to its Bitcoin-related business. SEC Chief Gry Gensler shared a birthday message for Bitcoin on Halloween.
Hot Take: Altcoins Thrive as Bitcoin Takes a Breather
While Bitcoin’s rally may have slowed down, altcoins like XRP, SOL, and ADA have continued to surge in value. This indicates a growing interest in alternative cryptocurrencies and highlights their potential for significant gains. As investors diversify their portfolios and seek opportunities beyond Bitcoin, altcoins are emerging as strong contenders in the crypto market. With ongoing developments in blockchain technology and increasing adoption, these altcoins could play a crucial role in shaping the future of decentralized finance.
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