These 3 Cryptocurrencies Outperformed the Market

Key Insights:

• The crypto market had a positive outing in the first week of October, with global capitalization growing from $1.08 trillion to 1.10 trillion.
• 3 altcoins dominated the market with double-digit gains, outperforming mega-caps like Bitcoin (BTC) and Ethereum (ETH). 
• On-chain analysis shows that crypto whale investors increasingly diversify their portfolio into lesser-cap altcoins as the bull market matures. 

The crypto market had a positive outing in the first week of October, with the global market capitalization growing from $1.08 trillion to 1.10 trillion. Trust Wallet (TWT), Render (RNDR), and Bitcoin SV (BSV) lead the way with double-digit percentage gains. 

On-chain analysis explores the key drivers and what to anticipate in the week ahead. 

3. BitcoinSV (BSV) Hits 30% Price Surge After CEO Resigned

Bitcoin SV (BSV) is a hard fork of the Bitcoin Cash (BSV) blockchain in 2018, built to offer a more scalable peer-to-peer network that supports enterprise-level advanced blockchain applications.

At press time on October 8, BitcoinSV is trading at a two-month price peak of $35.50. Initially, BSV price had soared almost 35% from $31 to $42 between September 29 and October 3. 

The recent resignation of ex-CEO Christen Ager-Hanssen has been identified as the pivotal factor behind the ongoing price rally. 

On September 29, Ager-Hanssen announced his resignation Twitter post, citing concerns of potential fraud within the company. The chart below illustrates how the markets reacted positively to his departure, contributing to the recent price action. 

Within 48 hours of the resignation, BitcoinSV on-chain Transaction Volume skyrocketed from $15 million to $191 million between Sept 30 and October 3. This 1,173% increase in transaction volume was the highest trading activity recorded on the BSV network since August 8. 

Typically, high transaction volumes are a bullish signal, indicating increased market liquidity and investor participation. Unsurprisingly, the BSV price rapidly rose to a two-month peak during that period. 

But notably, the BSV transaction volume has quickly dropped from $191 million to $23 million as of October 8. Without sustaining the recent boost in transaction activity, it raises red flags of an imminent price retracement. 

Hence, strategic bulls will likely be cautious of FOMOing into BSV in the week ahead.

2. Render (RNDR) Token Gains 14% Amid SocialFi Hype

SocialFi protocols like Stars Arena, Friend.Tech and Post.Tech stole the media headlines in September. Render Token (RNDR) price appears to have benefitted immensely from the raving SocialFi hype. RNDR has gained another 14% over the past week as it approached $1.9 on October 8. 

RNDR is the native token of Render, an ERC-20-based GPU rendering network. By connecting artists and art studios that need GPU computing power to mining partners, it has attracted signficant usage as the SocialFi rave grows. 

According to on-chain data from Santiment, RNDR has witnessed a noticeable spike in new users in recent weeks. The chart below depicts Render Network Growth increased from 121 new addresses on September 5 to a 42-day high of 230 on October 2. 

Render (RNDR) Network Growth vs Price | Source: Santiment

Network Growth evaluates the current rate at which a blockchain protocol attracts new users. I.e by aggregating the number of new wallet addresses created daily.  Evidently, the 2-month high figure of new users joining the Render network has opened new demand and utility frontiers for the underlying native RNDR token.  

As expected, this uptick in user acquisition has propelled RNDR price to a steady 25% price bounce between September 5 and October 5. 

With the RNDR network growth still on the rise, holders can expect the price rally to edge closer to the $2 mark in the weeks ahead.  

1. Cryptic Tweet Pumps Trust Wallet Token (TWT) 25% to Claims Top Gainer Spot 

On October 5, Trust Wallet Token (TWT) left the broader flat market trend in the lurch, soaring 20% within an eventful 24 hours. The double-digit TWT price surge appears to be fueled by speculation about a cryptic tweet from the Trust Wallet team. 

The October 4 tweet implied that a major product announcement is about to drop. Without much detail, investors entered a buying frenzy. This drove TWT price by 30% from $0.78 on September 30 to $1.02 on October 8.  

Hence, TWT’s performance in the week ahead will hinge largely on whether the actual product being teased will meet investors’ expectations.