Interest in “High-Momentum” Altcoins Spikes

Markus Thielen, the founder of 10x Research, noted that South Korean traders have been heavily engaging with high-momentum tokens such as XRP, DOGE, ENS, and HBAR. According to the report, Ripple’s XRP token led the trading frenzy with a staggering $6.3 billion in volume. It was followed by Dogecoin ($1.6 billion), Stellar ($1.3 billion), Ethereum Name Service ($900 million), and Hedera ($800 million).

Thielen stated:

“These high-momentum cryptocurrencies are being driven predominantly by retail traders, capitalizing on and reinforcing momentum-driven trends.”

XRP, ENS, and HBAR, often referred to as “dino coins” due to their longstanding presence in the crypto market, significantly outperformed other tokens last week. These assets recorded impressive gains of 90%, 73%, and 168%, respectively.

Additionally, the report highlighted that Bitcoin’s funding rates remained “relatively mild,” sitting at 15% annually during this period.

With the noticeable uptick in altcoin trading activity, Thielen suggested that an “altcoin season” is already in motion:

“We are witnessing one of the largest divergences between Bitcoin’s relatively mild 15% annual funding rate and South Korea’s retail trading volumes surging to $18 billion. The action is clearly in the altcoin market, and everyone needs a strategy to catch these waves while remaining disciplined.”

XRP’s Historic Rally Continues

Ripple’s XRP token has been on a historic run, skyrocketing 436% over the past month and hitting a new yearly high of $2.80 on December 2, according to TradingView data. This surge propelled XRP past Solana and Tether in market capitalization, making it the third-largest cryptocurrency at the time of writing.

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In particular, after the ETF news, Bitcoin’s rise to $35,000 sparked daily exchange volumes, reaching the highest levels since March according to data analysis platforms.

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According to data analysis platforms, the seven-day moving average of spot exchange volumes on the market’s leading platforms exceeded $24 billion as of October 26, reaching an unprecedented level since the end of March.

Investment is particularly focused on the Spot Bitcoin ETF decision and is waiting for approval from the SEC. The reason investors are waiting is that the industry’s leading analysts and personalities say that ETFs will be approved and that if approved, Bitcoin could rise up to $50,000.

According to indicators provided by data analysis platforms, this situation points to a level of volatility not seen since April. The cryptocurrency market is drawing more investor attention with high volumes in spot transactions and potential new product launches. These developments indicate that market volatility may increase.

In the past day, firstly $520 million and then $250 million USDT was transferred to the Binance exchange. 

“This is not a Financial Advice!”

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