Bitcoin’s rebound past $63,000 on Oct. 25 helped spark double-digit gains for multiple Altcoins as the age-old adage of a rising tide lifting all boats appears to be in full effect.
The majority of Altcoin tokens traded in the green, at the time of publication, Shiba Inu (SHIB, +11.43%), Chainlink (LINK, +10.18%), Near Protocol (NEAR, +28.41%), KuCoin Token (KCS, +14.13%), Curve DAO Token (CRV, +24.44%), Secret (SCRT, +17.11%), Safemoon (SAFEMOON, +17.41%) were significantly up in the last 24 hours as the market led by Ethereum (ETH, +2.87%) posted a massive rebound.
Notably, tokens such as Solana (SOL), Harmony (ONE), Near Protocol (NEAR), Secret (SCRT), OriginTrail (TRAC), Kadena (KDA) rallied to fresh all-time highs today.
NEAR Protocol is a low-cost layer-one protocol designed to make decentralized applications usable on the internet and the project aims to provide interoperability between separate networks. The surge to all-time highs of $12.73 on Oct. 25 comes as the Near protocol hosts its Nearcon event and also announced an $800 million ecosystem development grant intended to promote growth in the NEAR ecosystem.
OriginTrail is a protocol that operates on the Ethereum (ETH) network and specializes in harnessing blockchain technology to improve logistics and supply chain management. The surge to all-time highs of $1.13 today comes as the project is in the process of rebranding its image as the “world’s first decentralized knowledge graph” and has been collaborating with Dr. Bob Metcalfe as part of its advisory board.
Harmony (ONE) saw a price breakout to all-time highs of $0.358 as momentum across the market increased. Notably, ONE is marking the fourth day in green since Oct. 22.
SCRT the native currency of the Secret Network, a blockchain protocol with built-in data privacy for smart contracts and decentralized applications that are permissionless and privacy-preserving, rose to all-time highs of $7.65 today. Secret recently announced its partnership with Open sea to launch and auction Secret NFTs in November.
Prices for Solana’s SOL tokens also hit a record high near $218 during early U.S. trading hours on Monday.
What Do the Coming Days Hold for Altcoins?
While much of the focus has been on BTC and Ethereum, multiple Altcoins have racked up notable gains to mark all-time highs as some traders appear to be preparing for a possible ”Alt Season” run.
This is in line as the latest report by CoinShares indicated that Investors pumped a record $1.47 billion of new money into digital asset investment products last week, fueled by a rally in cryptocurrencies and the launch of the first bitcoin futures exchange-traded fund.
That said, What do the coming days hold for Altcoins? The Money Flow chart explained by Crypto analyst Rekt Capital sums it up. According to the money flow, The typical cryptocurrency investment will start with Bitcoin being the lead asset. And as more investors dedicate a portion of their income/savings into Bitcoin, the price of the asset will rise.
Crypto Money Flow Cycle, Courtesy: Rekt Capital
During Bitcoin uptrends, investors develop a growing need for a higher return on their cryptocurrency investment which is why they seek to diversify their funds into Altcoins like Ethereum. That being said, many Altcoin projects are built on Ethereum, which is why Ethereum is often heralded as the leading indicator for increases in the valuations of Altcoins.
When Ethereum appreciates at price, the prices of several Altcoins rally shortly thereafter. As investors get in the habit of adopting more of a risk-seeking approach and circulating their profits into Large and Mid Market Cap cryptocurrencies, They inevitably set their sights on higher-risk, higher-reward investments typified by smaller-cap altcoins. This explains why these types of Altcoins tend to rally multiple the gains that Bitcoin or Ethereum offers.
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