CoinMarketCap rival CoinGecko acquires NFT startup Zash

November 22, 2023 Coin Telegraph

CoinGecko has acquired the NFT data infrastructure platform Zash as the firm remains bullish about the NFT market. The terms of the deal have not been disclosed.

Major cryptocurrency tracking website CoinGecko is scaling its data offering by acquiring the nonfungible token (NFT) data infrastructure platform Zash.

CoinGecko plans to integrate Zash’s NFT data into its Application Programming Interface (API) by the second quarter of 2024, the firm announced on Nov. 21, though the deal terms have not been disclosed.

“API users will be able to enjoy a unified crypto data offering, where they can access fungible and nonfungible token data seamlessly and enjoy enriched crypto market insights,” CoinGecko co-founder and chief operating officer Bobby Ong told Cointelegraph.

According to the exec, front-end users of CoinGecko’s web and mobile app will also be able to access the on-chain NFT data through the NFT floor price tracker next year.

CoinGecko didn’t disclose the cost of the Zash acquisition to Cointelegraph. Founded in 2021, Zash operates an enterprise-grade NFT indexer and API, allowing users to track NFT data across 87 unique marketplaces — or a total of 102 marketplaces — like the major NFT exchange OpenSea.

“Zash’s data also encompasses secondary sales, bundled trades, converts settlement in 12 currencies and encompass ERC-721 and ERC-1155 token standards,” Ong noted, adding that Zash’s coverage is “over four times more than alternatives.”

CoinGecko’s latest move into the NFT market comes despite a significant decline in the NFT market, which is sometimes interpreted as a signal the NFT technology is maturing rather than a sign of distress. CoinGecko is bullish on the NFT industry despite the ongoing market decline, Ong said, stating:

“We hold the vision where any asset that can be tokenized, will be tokenized. We believe that NFTs will continue to innovate beyond PFPs, GameFi and unlock new opportunities and use cases worldwide. For that reason, we’re optimistic about the NFT market’s resurgence.”

After Binance acquired CoinGecko’s major competitor, CoinMarketCap, in 2020, CoinGecko was also open to acquisitions as of July 2022. However, the firm was considering potential acquisitions in the long term rather than in the short term.

“This will be our third crypto winter, and we are focused on improving CoinGecko to prepare for the eventual bull run that will come again,” CoinGecko’s Ong told Cointelegraph last year.

Magazine: Exclusive: 2 years after John McAfee’s death, widow Janice is broke and needs answers

Crypto markets mixed as traders digest DOJ action against Binance, CZ

November 21, 2023 Coin Telegraph

Altcoin

Cryptocurrencies flash mixed signals as market participants digest the details of CZ’s guilty plea and the DOJ’s $4.3 billion settlement with Binance.

Crypto markets were subjected to a heavy dose of volatility on Nov. 21 as the United States Department of Justice (DOJ), Commodity Futures Trading Commission (CFTC) and U.S. Treasury announced a $4.3-billion settlement with Binance and that former Binance CEO Changpeng Zhao will plead guilty to one felony charge as part of a settlement over criminal and civil cases with the cryptocurrency exchange.

United States Attorney General Merrick Garland announced that the DOJ reached a $4.3 billion resolution with Binance and CZ. The agreement required CZ to plead guilty to willfully violating the Bank Secrecy Act.

In addition to the financial penalties, Garland stated,

“Moving forward, Binance must file the suspicious activity reports that were required by law. The company is required to review past transactions and report suspicious activity to federal authorities. This will advance our criminal investigations into malicious cyber activity and terrorism fundraising, including the use of cryptocurrency exchanges to support groups such as Hamas.”

At the time of publishing, price action within the crypto market continues to fluctuate, with Bitcoin (BTC) registering a 1.79% loss as it trades near $36,700 and altcoins reflect a slight recovery from their intraday losses.

*Crypto market prices 1-hour timeframe. Source: Coin360*

The whipsaw price action within the market reflects market participants' attempt to digest the details of the Nov. 21 U.S. enforcement action against the cryptocurrency industry.

While the crypto market doesn’t have an opening bell like Wall Street, market participants and traders were broadly aware of the settlement, and prices had already reacted before the press conference by Garland, with Binance Coin (BNB) whipsawing to a 5-month high before retracing the majority of its gains and before the press conference even occurred.

Despite the negative news regarding Binance, the exchanges’ users are not rushing to exit the platform or from centralized exchanges in general. According to Glassnode, the net Bitcoin position change on Binance is far below January and July numbers.

*Binance Bitcoin net flow. Source: Glassnode*

Despite the negative reporting, the crypto community is cheering on the decision as closing a chapter and hopeful that the entire industry can move forward in a positive manner.

Binance derisking is one of the biggest catalysts we could have in crypto.

+ Crypto is a "real" industry post $4 billion settlement
+ CZ takes a long-needed Miami vacation a la Arthur
+ Market rips higher, ETFs approved in Jan
+ GOP wins 2024 election, crypto laws passed

CZ
— Ryan Selkis (d/acc) (@twobitidiot) November 21, 2023

Binance exchange, which named Richard Teng CEO on Nov. 21 following CZ’s resignation, reiterated the crypto community sentiment on moving forward.

We’re pleased to share we’ve reached resolution with several US agencies related to their investigations.

This allows us to turn the page on a challenging yet transformative chapter of learning that has helped us become stronger, safer, and an even more secure platform.
— Binance (@binance) November 21, 2023

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

ARK, 21Shares update spot Bitcoin ETF application as next SEC deadline looms

November 20, 2023 Coin Telegraph

Coin Telegraph

The latest update is the third amendment to ARK and 21Shares’ Bitcoin exchange-traded fund prospectus since the firms first filed in April 2023.

ARK Investment Management, a cryptocurrency investment firm founded by Bitcoin (BTC) advocate Cathie Wood, isn’t giving up on its efforts to launch a spot Bitcoin exchange-traded fund (ETF) in the United States.

On Nov. 20, ARK Invest filed another amended prospectus for its spot Bitcoin ETF product developed in collaboration with the European digital asset manager 21Shares.

If approved, the ETF, named the ARK 21Shares Bitcoin ETF, will trade on the Chicago Board Options Exchange’s BZX Exchange under the ticker symbol ARKB, the updated filing reads.

This latest update is ARK and 21Shares’ third amendment to the prospectus since the firms first filed for a spot Bitcoin ETF in April 2023. ARK previously amended its form S-1 registration statement in October, which was interpreted by experts as a “good sign” of progress.

In September 2023, the SEC again delayed its expected decision on ARK’s application. The next deadline for the decision has been set for Jan. 11, 2024.

According to Bloomberg ETF analyst Eric Balchunas, the latest filing includes many updates, including numerous risk disclosures designed to satisfy corporate finance requirements.

“One interesting thing is they are sticking to in-kind creations redemptions — albeit in a hybrid model — to minimize tax and spread issues,” Balchunas noted. “Semi-shocker to be honest, but in a good way,” he added, stating:

“The more updates to these documents the better, shows them getting these bad boys in shape for SEC approval.”

Bloomberg ETF watcher James Seyffart also suggested that the latest filing likely reflects that things are moving with the SEC conversations.

While ARK has been actively amending its application, not all spot Bitcoin ETF filers have amended their filings. According to Steyfart’s data, as of mid-November, Franklin Templeton and Global X were the only two firms out of 12 spot Bitcoin ETF filers that hadn’t amended their S-1 filings.

Magazine: How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in

Crypto ETP volumes surge 91%, outpacing underlying assets: Report

November 20, 2023 Coin Telegraph

Analysis

Bitcoin accounted for 75% of the total crypto ETP AUM between January and October 2023, according to the publicly-listed crypto firm Fineqia.

Global cryptocurrency exchange-traded products (ETP) have seen a significant uptick in 2023, reportedly outpacing the growth of underlying assets, according to a report by digital asset platform Fineqia.

Crypto-based ETPs issued by companies like 21Shares, Grayscale and CoinShares recorded a 91% increase in total assets under management (AUM) from Jan. 1 to Oct. 31, 2023, Fineqia reported.

The surge of crypto ETPs has outperformed the growth of underlying digital assets by 30%, as cryptocurrencies had comparatively slower growth of around 70% over the same period.

Fineqia’s study included all currently issued a total of 168 crypto ETPs, based on the ETP AUM data from sources like 21Shares, Grayscale Investment, VanEck Associates and others.

“The research includes all the products issued by 21Shares, Grayscale, CoinShares, ETC Group, VanEck, WisdomTree, and other issuers,” a spokesperson for Fineqia told Cointelegraph.

“The data is updated every first business day of the month, hence they express the data at the end of the previous month,” Fineqia’s research analyst Matteo Greco stated. He added that the data is collected from official sources and when not available on the issuers’ websites from data aggregators. “All the data is stored into a spreadsheet and stacked every month starting from August 2022,” the analyst noted.

Fineqia has attributed the difference between the crypto ETP AUM surge and the surge of the crypto market to Bitcoin’s (BTC) larger proportion within digital asset ETPs compared with its share in the overall market. According to the study, Bitcoin accounts for 75% of the total crypto ETP AUM. On the other hand, Bitcoin’s share of the crypto market has been around 50% over the past year, according to data from CoinGecko.

At the same time, Bitcoin has been one of the biggest gainers on the crypto market, surging 104% during a period from Jan. 1 to Oct. 31, 2023. Ether (ETH), the second-largest cryptocurrency by market cap, surged 50% over the same period, according to data from CoinGecko.

*Bitcoin price chart from Jan. 1 to Oct. 31, 2023. Source: CoinGecko*

According to Fineqia, the crypto ETP AUM hit $38 billion in October, surging 25% month-over-month and hitting its highest figure since May 2022. The total cryptocurrency market capitalization also rose 17% in October, surging from $1.15 trillion to $1.35 trillion.

According to Fineqia CEO Bundeep Singh Rangar, the dynamics in the crypto ETP market and overall crypto markets are a signal of the excitement around a potentially coming spot Bitcoin exchange-traded fund in the United States. He said:

“The smoke signals are out for the very likely and near imminent approval of Bitcoin Spot ETFs. The market’s simply responding to this positive signaling.”

The news comes as 12 spot Bitcoin ETF applications from firms like 21Shares and WisdomTree await a decision by the U.S. Securities and Exchange Commission (SEC). In mid-November, the SEC delayed decisions on approvals for another three spot Bitcoin ETF applications by companies like Franklin Templeton, Hashdex and Global X.

On Nov. 15, Franklin Templeton and Hashdex — whose deadline was previously set for Nov. 17 — saw their deadlines delayed by the SEC to Jan. 1, 2024. Global X, whose deadline was scheduled for Nov. 21, also faced a delay as expected, with the SEC asking the firm to submit a rebuttal in the next 35 days or by Dec. 22.

Magazine: How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in

3 metrics DeFi traders can watch in order to spot the next crypto bull market

November 17, 2023 Coin Telegraph

Altcoin

TVL, fee revenue and wallet activity are just three metrics investors can use to assess the health of the DeFi sector.

The decentralized finance (DeFi) market has been one of the most exciting and volatile sectors in the crypto outside of Bitcoin (BTC). In 2020, the DeFi sector experienced a bull market that saw the total value locked (TVL) in decentralized finance protocols surge from $1 billion to over $100 billion. However, the DeFi market has also been prone to significant corrections. In 2021, the DeFi market experienced a correction that saw the TVL fall from $100 billion to $40 billion.

Despite the volatility of the DeFi market, there are ways for traders to catch onto when the niche crypto sector begins to show sustained bullish momentum. Three of the most important metrics to watch are TVL, a platform’s fee revenue and the number of non-zero wallets holding tokens.

Let’s dig in a bit deeper to explore how these metrics can be used to guage the health of the DeFi sector.

Increases in the total value locked

TVL is one of the most widely used metrics to measure the overall health of the DeFi ecosystem. TVL represents the total amount of cryptocurrency assets locked in DeFi protocols. When TVL rises, it suggests increasing demand and use of DeFi services, which can signify a bull market.

While current TVL is slightly below the 2023 peak set on April 15 of $52.9 billion, it has risen since the start of the year. Since Jan. 1, TVL across the crypto market is up $7 billion, eclipsing $45 billion.

Increased fee reveunue points to increased usage and interest

Protocol fees measure the amount of fee revenue received by blockchains for completing transactions. Layer-1 blockchains are a key part of the DeFi ecosystem, as they allow for the building of decentralized applications (DApps) in which users can interact without a centralized intermediary.

When layer-1 fees are rising, it suggests that there is increasing interest in DeFi and that traders are utilizing DApps to interact with blockchains. In the past 30-days, the top 16 layer-1 blockchains by market cap all have shown a positive increase in fees. The 30-day fee total collected by Ether (ETH) is over $2.2 billion when annualized.

*Layer-1 blockchain fees. Source: TokenTerminal*

Non-zero DeFi wallet addresses rise

The number of non-zero addresses is a good indicator of the number of people who are actively participating in crypto. When the number of non-zero addresses increases, it suggests that there is increasing demand, which can be a sign of a bull market.

Non-zero addresses are a typically reliable indicator of demand as users are only likely to hold a crypto token if they believe that it will appreciate in value or actively utilize a protocol. Isolating statistics from the entire crypto market to focus on DeFi tokens, the number of non-zero addresses hit an all-time high on Nov. 8 of 1.1 million addresses. When looking at Nov. 8, 2020, there were only 267,180 non-zero wallet addresses.

*DeFi Blue-Chip tokens. Source: Glassnode*

The DeFi market has recovered and evolved since the Terra Luna implosion, but it is also volatile, so it is important to carefully consider on-chain metrics and other macro factors that can help identify bull markets.

By watching these metrics, traders can better understand the DeFi market’s overall health and possibly get early signals on the emergence of a new bull market.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

WisdomTree amends S-1 form spot Bitcoin ETF filing as crypto crowd awaits SEC decisions

November 17, 2023 Coin Telegraph

cboe

After the latest S-1 form spot Bitcoin ETF amendment by WisdomTree, only Franklin Templeton and Global X are yet to amend S-1 filings.

The global exchange-traded fund (ETF) provider WisdomTree filed an amended S-1 form spot Bitcoin (BTC) ETF prospectus with the United States Securities and Exchange Commission (SEC) on Nov. 16.

The update comes a few months after WisdomTree refiled its spot Bitcoin ETF application in June 2023, proposing a rule change to list and trade shares of the WisdomTree Bitcoin Trust on the BZX Exchange by Chicago Board Options Exchange (CBOE).

The amended prospectus mentions that the WisdomTree Bitcoin Trust ETF will trade under a ticker symbol BTCW, with Coinbase Custody Trust serving as the custodian and will hold all of the trust’s Bitcoin on its behalf.

According to Bloomberg ETF analyst James Seyffart, the updated S-1 form spot Bitcoin ETF filing by WisdomTree means that the firm is still planning to launch an ETF and is discussing the opportunity with the SEC.

“All issuers were expected to have to file one of these in order to potentially launch their ETF at some point. Just a step in the process. Nothing critical,” Seyffart wrote on X (formerly Twitter).

Eric Balchunas, another Bloomberg ETF expert, noticed that WisdomTree took “long enough” to amend their S-1 form Bitcoin ETF filing. “Please tell me the SEC isn’t waiting till all S-1s are updated before issuing a second round of comments,” he added.

According to Seyffart’s data, only two spot Bitcoin ETF filers out of total 12 firms that have filed for such a product in the U.S. are yet to amend their S-1 filings with the SEC, including Franklin Templeton and Global X.

Okay, we're nearing in on deadline dates for 3 spot #Bitcoin ETF applications. I want to get ahead of it because there's a pretty good chance we'll see delay orders from the SEC. Delays WOULD NOT change anything about our views & 90% odds for 19b-4 approval by Jan 10, 2024 pic.twitter.com/LE7sOlHAHM
— James Seyffart (@JSeyff) November 14, 2023

Franklin Templeton is among the firms awaiting its first spot Bitcoin ETF deadline on Nov. 17 alongside Hashdex, whose deadline was moved by the SEC a few days ago.

Global X, another firm that hasn’t amended its S-1 filing yet, is also awaiting its second spot Bitcoin ETF deadline on Nov. 21.

Bloomberg ETF analysts like Seyffart expect the SEC to do another round of delays on decisions regarding the upcoming deadlines in the near future. However, Seyffart still believes the delays would not alter his perspective of the 90% likelihood of the SEC approving a spot Bitcoin ETF before the end of January 2024.

Magazine: Crypto regulation — Does SEC Chair Gary Gensler have the final say?

South Korea’s pension fund bags 280K Coinbase shares: SEC data

November 16, 2023 Coin Telegraph

Coin Telegraph

South Korea’s National Pension Service, one of the world’s largest pension funds, invested $20 million in Coinbase in Q3 of 2023.

The National Pension Service (NPS), a public pension in South Korea and one of the world’s largest pension funds, bought just over 280,000 shares of the global cryptocurrency exchange Coinbase in the third quarter of 2023, an investment that has gained 39% in value since the purchase.

The NPS acquired 282,673 Coinbase shares in Q3 of 2023, according to a stock holdings report filed with the United States Securities and Exchange Commission (SEC) on Nov. 15.

The investment is worth $27.7 million based on Coinbase’s last recorded close of $98.15 on Nov. 15, according to data from TradingView. According to the SEC filing, the NPS has acquired its Coinbase stock batch for about $19.9 million, which implies that the pension fund’s profit is roughly $7 million, or 39%.

According to a report by the local news agency News1, the recent Coinbase investment by South Korea’s public pension fund marks the first time the company has bought Coinbase stock. The NPS reportedly has had a policy of not investing directly in cryptocurrencies like Bitcoin (BTC) due to volatility.

In 2021, South Korea’s National Assembly reportedly criticized the NPS for its investment in a crypto-related business. In response, the NPS argued that it only invested in the exchange and that cryptocurrencies were not an investment target.

Coinbase stock has seen significant growth in 2023, surging to as high as $110 per share in July. Coinbase shares have added value of close to 170% year-to-date after starting 2023 at around $37, according to data from TradingView. The stock is still 74% down from its all-time highs above $300 in September 2021.

*Coinbase year-to-date price chart. Source: TradingView*

Coinbase’s massive growth in 2023 came despite the exchange facing a lawsuit from the U.S. SEC. Filed in June 2023, the lawsuit alleges that Coinbase violated U.S. securities laws by offering unregistered securities on its platform. In October, Coinbase once again disputed the SEC’s authority in crypto, arguing that its definition of security was too wide.

Additional reporting by Amaka Nwaokocha.

Magazine: Crypto regulation — Does SEC Chair Gary Gensler have the final say?

Solana (SOL), Avalanche (AVAX) and dYdX produce double-digit gains as Bitcoin reclaims $37K

November 15, 2023 Coin Telegraph

Solana (SOL), Avalanche (AVAX) and dYdX produce double-digit gains as Bitcoin reclaims K

Adoption

SOL, AVAX and DYDX rank among the top-performing altcoins this month. Cointelegraph investigates what is behind the move.

On Nov. 15, several altcoins continued to show strength alongside Bitcoin (BTC), which notched an intra-day high at $37,400. Leading into the week, DYDX, Solana’s SOL (SOL) and Avalanche’s AVAX (AVAX) currently reflect double-digit gains, with each chasing after new year-to-date highs.

The sustained bullish price action from altcoins has led some analysts to declare the arrival of an altcoin season , and at the time of writing, the total market capitalization of the altcoin market has hit a 2023 high at $659.5 billion.

Altcoin price rallies typically involve a slew of factors, some being sentiment-based and others based on project fundamentals. Let’s look at a few of this week’s top market performers to see what catalysts underlie their growth.

dYdX fee switch boosts price

The platform behind the DYDX token is dYdX, a decentralized exchange that offers futures contracts on Ethereum Virtual Machine blockchain tokens like Ether (ETH). On Oct. 27, dYdX launched its layer-1 blockchain with the creation of its genesis block, which operates using native DYDX tokens. The launch allowed for the on-chain distribution of all fees received to validators and stakers. The protocol update has been fantastic for DYDX’s price, sending it up over 110% in the past 30 days.

In addition to token price appreciation, the dYdX platform is posting substantial user numbers, including increased fees and revenues. Both metrics have witnessed 77.5% increases to $8.67 million in 30 days. Annualized, this could mean $105.5 million in fees for validators and stakers.

*DYDX fees and revenue. Source: TokenTerminal*

SOL price hits another 2023 high

Solana’s SOL token has had an impressive 30-day return profile, gaining over 166%. Despite reaching a 2023 high on Nov. 10, Solana’s price is still over 4x below its all-time high of $259.96.

Solana’s price growth has been powered by an uptick in users, which is led by the top-performing decentralized application on the blockchain, Jito, a liquidity staking platform. Solana’s daily active users also hit a 2023 high on Nov. 10, reaching 200,000. Coinciding with the increase in users, Solana’s revenue has eclipsed $1 million in 30 days, recording a 78.2% increase.

*Solana daily active users and revenue. Source: TokenTerminal*

Avalanche’s AVAX token picks up steam

Avalanche is a layer-1 blockchain similar to Solana, where validators process transactions and receive tokens. Compared with Solana and dYdX, Avalanche brings in less revenue, but that hasn’t stopped its token from going on a double-digit run this week.

*dYdX, Solana and Avalanche fees. Source: TokenTerminal*

Despite being relatively smaller, AVAX has been performing well. In the past seven days, AVAX reached above 59% in gains, and it hit an impressive 118% growth in 30 days. AVAX’s price is still more than 7x below its all-time high.

While these three altcoins are performing well, Bitcoin continues to dominate the overall market, with its dominance rate hovering above 50% since Oct. 16. When Bitcoin dominance decreases, those funds typically flow into altcoins, which is generally the start of an altseason.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Crypto is second most popular investment asset in France: Survey

November 14, 2023 Coin Telegraph

Coin Telegraph

The survey was conducted at the request of the Organisation for Economic Co-operation and Development (OECD) in the spring of 2023.

Cryptocurrencies are the second most popular type of asset for investments among the adult French population, according to a survey by the Organisation for Economic Co-operation and Development (OECD) and published by France’s principal financial regulator, the Financial Markets Authority (AMF, on Nov. 13.

According to the survey, 9.4% of the French population holds crypto assets, which is only marginally lower than those holding the most popular type of investment asset, real estate funds (10.7%). A further 2.8% of respondents possess nonfungible tokens (NFTs).

The survey also measured the group of “new investors” — those who have invested for the first time since the start of the COVID-19 pandemic in early 2020. These are mainly men (64%) and significantly younger than traditional investors, with an average age of 36 against 51 for the latter. Among this category, 54% hold crypto assets.

The survey’s authors also noted that new individual investors have a “relatively low level of financial knowledge,” particularly the youngest group, aged 18-24. They were more likely to give incorrect answers about the basics of investment strategy than “traditional investors.”

The survey was conducted in the spring of 2023, featuring 1,056 respondents and 40 in-depth interviews about their needs and motivations.

France is actively pursuing a leadership role in Europe in digital economy and innovations. In September, local telecommunications group Iliad revealed an investment of 100 million euros ($106 million) to fund the creation of an “excellence lab” dedicated to AI research in Paris. This month, the first-of-its-kind Institute of Crypto-Assets opened in the business district outside Paris.

Magazine: 2 years after John McAfee’s death, widow Janice is broke and needs answers

Is it altseason? Altcoin 30-day performance and total market cap flash bullish

November 9, 2023 Coin Telegraph

Altcoin

3 key data points highlight the 60-day strength shown by altcoins.

A wave of green has washed across the entire crypto market, and it won’t be long before traders on X (the social platform formerly known as Twitter) begin to explain that a new altcoins season has arrived.

Altcoin season, or ‘altseason’ as the crypto bros say, typically measures the rallying of altcoins and a positive market capitalization increase of the total altcoin market cap.

Let’s take a look at some key indicators that market participants use to determine whether or not an altcoin season has emerged.

Total crypto market capitalization hits a 14-month high

The total crypto market cap recently hit a 14-month high, clearly reflecting the current bullish momentum.

Crypto total market cap broke out to its highest levels in over 14 months. pic.twitter.com/0c6CPxDSfQ
— TradingView (@tradingview) November 6, 2023

Similar strength is seen in the total altcoin market capitalization chart (TOTAL2). The metric measures the crypto market cap minus Bitcoin (BTC).

Since Sept. 8, the metric has springboarded from $526 billion to $622 billion on Nov. 9. The change shows traders’ growing interest and investment interest in altcoins, along with an increase in the prices of altcoins within the metric.

*Total crypto market cap minus Bitcoin. Source:* *TradingView*

Large-cap altcoins display multi-week strength

Data from CoinMarketCap shows the top 13 altcoins by market cap (excluding stablecoins) reflecting double-digit gains within the last 30 to 60-days.

In particular, Ripple (XRP), which has won a host of legal battles against the Securities and Exchange Commission (SEC), witnessed 45% gains in the past 60-days. On top of the legal victories that helped to boost investor sentiment, it is rumored that Ripple will be announcing an IPO on Nov. 9.

*Top altcoin performers. Source: CoinMarketCap*

For the past 3-months, Solana (SOL) has rallied significantly and started to lose its “Sam coin” moniker. Sam coins are cryptocurrencies with exposure to Alameda Research, FTX and Bankman-Fried. SOL price gained over 107% in the past 60-days as the project continues to rebuild and gain users in the aftermath of the FTX collapse. BitMEX exchange co-founder Arthur Hayes recently joined the Solana train, announcing that he purchased the altcoin on Nov. 2.

Similar to Solana, Chainlink (LINK) has seen massive 60-day returns of over 100% due to consistent building and usage. Link also has posted 26% returns in 6-days.

Other notable performances came from BNB (BNB), Cardano (ADA), Tron (TRX) and Polygon (MATIC), which also produced double-digit gains in a 60-day period.

The altcoin market performance seemingly coincides with an improvement in investor sentiment. A gauge of market sentiment is the Fear & Greed Index. Since starting September as fearful, the market has turned to greed on Oct. 23 and has not reversed.

Whether it is truly altseason or not, it is clear that excitement is returning to the crypto market.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Investments