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Key Crypto Market Insights:
- Last week, the total valuation of the global cryptocurrency market grew $9 billion to hit $1.14 trillion as investors.
- As investors shift focus to the altcoin markets, Solana and 3 other mega-cap tokens emerged as the highest gainers in the top 50 rankings.
- Key on-chain indicators show the major drivers behind the 3 tokens’ performance and what to expect next week.
As investors shifted focus to the altcoin markets last week, Solana and 3 other mega-cap tokens emerged as the highest gainers in the top 50 crypto rankings. In effect, BTC price has stagnated around $30,000, BTC Dominance down
These Top Performing Altcoins Could Double Investors’ Profits
Last week, Bitcoin grabbed most of the headlines across crypto media channels. But with BTC price now stagnating around the $30,000 mark, on-chain indicators suggest that the 3 altcoins could take center stage next week.
Solana Hits New 2023 Peak after FTX Staked SOL Tokens Worth $122 Million
On Friday October 20, Solana price hit $30.4, its highest since the ill-fate FTX exchange imploded back in November 2022. Interestingly, an on-chain event surrounding the ongoing trial of Sam-Bankman Fried, the CEO and Founder of the defunct exchange was the precursor for the Solana price rally this week.
A Sept 11 court filing showed that FTX held $1.2 worth of SOL token on its books. This raised fears among many Solana investors that SOL prices could tank in the process of an imminent liquidation to repay creditors and customers.
But on October 14, FTX estate administrator was spotted taking 5.5 million SOL worth approximately $122 million. That transaction shored up confidence across the Solana ecosystem.
This graph above shows that following the significant spike in staked Solana on October 14, other investors took the baton. By October 16, total Solana staked reached a 90-day peak of 404.4 million SOL.
The resulting drop in market supply and bullish sentiment in the broader crypto market instantly sent SOL into 35% price rally to the $30.4 by the end of the week.
Notably, since Solana his the $30 mark, some investors have started unstaking their SOL coins, presumably to book profits.
In fact, since Solana claimed $30 on Friday, holders have been unstaking for two days straight. Hence, SOL price could lose the $25 psychological support next week if the staking traction does not improve.
Chainlink (LINK) Price Rally Enters New Gear as Whales Increase Demand
Chainlink (LINK) is another mega-cap altcoin that delivered major profits for crypto investors last week. Price charts showed that LINK price bounced 30% from $7.2 to $10.11 over the past week. And notably this is the first time Chainlink has reclaimed the $10 milestone since the TerraUST crash back in May 2022.
On-chain data shows that the bullish trading activity of crypto whale investors is the major Driving factor behind the ongoing Chainlink price rally.
As depicted in the IntoTheBlock chart above, the Chainlink network recorded 246 Whale Transactions on October 21. Whale Transaction count metric presents the total number of individual transactions that exceed $100,000 in value during a given trading period.
Notably, the 246 transactions recorded on Saturday is highest level of whale demand for the LINK token since July 21 2023. And curiously, LINK price spiked 23% at the time.
With the positive sentiment swirling around the crypto market, Chainlink bulls can push for another wave of double-digit gains this week, especially if the whales keep buying. If history repeats itself, Chainlink investors could double their profits in the coming week.
Bitcoin SV Led the Mega-Cap Crypto Markets with 60% Gains
BitcoinSV (BSV) was launched in 2018 as a more scalable hard fork of the Bitcoin Cash (BCH) blockchain. Last week, Bitrue, a widely-used centralized crypto exchange platform, announced the inclusion of BSV/USDT pair in Spot market offerings.
At the time on the announcement on October 19, BitcoinSV is trading at a two-month price peak of $40. Within 48 hours of the listing, BSV investors piled on buying pressure and sent the price soaring to $53 as of October 22.
As depicted in the chart below, BSV daily Trading Volume shot up to a 90-day peak of $432 million on October 20.
The Bitrue exchange is notably favored by the Ripple (XRP) communities. Hence, the SEC case dismissal last weeek appeared to have played a roled in the BSV trading activity as well.
Typically, high transaction volumes often impacts prices positively. And despite the noticeable decline from the October 20 peaks, BSV trading volume is still currently at a relatively high level as of October 22.
Hence, with increased market liquidity, strategic bulls can anticipate further BSV price gains in the week ahead.
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