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Crypto Daily Roundup, 07 Nov: Altcoins Attract Investors: Time to Buy?

07-Nov-2023 By: Lokesh Gupta
Crypto Daily Roundup

Top 5 Cryptocurrencies That Skyrocketed in the Last 24 Hours

TOP 5 Gainers Coins

Indices LTP Change (%)
Blur $0.3913 29.85%
Arweave $7.59 13.41%
Trust Wallet Token $1.60 7.91%
WOO Network $0.2456 7.31%
Cronos $0.07488 7.22%

Crypto News Key Highlights:

Altcoins have outperformed Bitcoin, with gains of 5% to 10%, sparking discussions about a potential "altcoin season." XRP surged nearly 10% due to approvals in Georgia and Dubai, becoming the fourth-largest cryptocurrency. Other altcoins like ADA, AVAX, DOGE, LINK, UNI, and BLUR have also shown positive movements, with BLUR doubling in value in a month, anticipating a significant token distribution in an upcoming airdrop.

Altcoins recently saw a 7% surge in market capitalization, breaking a descending triangle pattern and indicating a potential reversal from bearish to bullish sentiment. Bitcoin's dominance dropped to 52.54%, possibly opening the door for Altcoins to gain more market share. Top performers included Pancake Swap, Trust Wallet Token, Neo, MultiversX, and Blur.

Bitget, a cryptocurrency platform, revealed its $10 million Blockchain for Youth (B4Y) project to boost India's blockchain startups. The initiative provides resources, funding, and mentorship to over 100 startups, with the top ten pitching to Bitget and prominent venture capitalists. B4Y coincides with the BUIDL for Web3 event, focusing on India's blockchain potential. Gracy Chen, Bitget's managing director, highlighted India's appeal as a blockchain investment destination.

Cathie Wood's Ark Invest purchased $5.6 million in Block Inc shares led by Jack Dorsey while divesting from Grayscale GBTC. The move aligns with Ark's focus on innovative companies. Despite Bitcoin's 70% surge, Wood remains bullish, citing Bitcoin's resilience to inflation and deflation as a preferred long-term asset.

Shiba Inu's newly introduced self-custodial authentication system for The Shib Magazine encountered technical issues, with developers working to resolve them. The magazine aims to provide updates on Shibarium, Shib products, and industry expert interviews, offering NFTs to early readers.

Ava Labs, behind the Avalanche Blockchain Network, laid off 12% of its workforce, mainly affecting the marketing division, as they focus on strengthening the Avalanche ecosystem during challenging crypto market conditions. Other crypto companies like OpenSea and Yuga Labs have also undergone similar restructuring recently.

Shiba Inu's recent token burning and whale transactions have stirred excitement. Over 10 trillion SHIB tokens were transferred by whales, reflecting growing support and positive sentiment. The SHIB tokenomics saw a remarkable surge with 12840.60% more tokens burned in the past 24 hours, contributing to a 3.91% price increase over 24 hours.

Chainlink (LINK) has surged, with notable increases in price and the number of wallets holding at least 1,000 LINK tokens. Rekt Capital's analysis points to a potential bull market for Chainlink. Technical analysis shows LINK rising above key moving averages, strengthening bullish sentiment. Altcoin markets also garner attention amid potential positive trends, though caution is advised due to crypto's inherent volatility.

Also read - 24 Crypto Update, 06 Nov: Crypto Rally Continues with Altcoins Rising