Research Summary
The report provides a comprehensive recap of the cryptocurrency market in October, highlighting key events, narratives, and best-performing coins. It discusses the impact of Bitcoin’s ETF approval speculation, the performance of Solana ($SOL), and the rise of memecoins like $PEPE and $BITCOIN. The report also provides a detailed list of top-performing coins over 30, 90 days, and from their 2022 lows.
Key Takeaways
Bitcoin’s ETF Approval Speculation
- Market Impact: The report suggests that the speculation around the approval of a spot Bitcoin ETF was a significant market driver in October. This speculation led to an increase in Bitcoin’s dominance from 50% to 54% within a month.
Solana’s Impressive Performance
- Price Surge: Solana ($SOL) experienced a significant price increase throughout October, moving from around $20 to $44. This surge was attributed to the Solana Breakpoint catalyst and the general reflexivity observed in crypto markets.
Rise of Memecoins
- Market Outperformance: Memecoins like $PEPE and $BITCOIN significantly outperformed the market, solidifying their status as promising memecoins for the next cycle. Other emerging memecoins include $JOE, $SPX, and smurf cat.
Top Performers
- 30-Day Performance: The top performers in the top 100 over 30 days included $INJ (+102%), $SOL (+75%), $MINA (+55%), $PEPE (+53%), and $LINK (+48%).
- 90-Day Performance: Over 90 days, the top performers were $RUNE (+210%), $RLB (+93%), $TON (+88%), $INJ (+87%), and $SOL (+86%).
- Performance from 2022 Lows: From their 2022 lows, the best performers were $KAS (x250), $RLB (x200), $INJ (+1200%), $CFX (+640%), and $RNDR (+640%).
Noteworthy Smaller Coins
- 30-Day Performance: Smaller coins that performed well over 30 days include $TRB (+124%), $KUJI (+112%), $ATOR (+110%), $BLZ (+89%), and $SUSHI (+83%).
Actionable Insights
- Monitor Momentum Trades: The report suggests keeping an eye on coins that have shown strong momentum, such as $SOL, $PEPE, $INJ, $LINK, $RUNE, and $RNDR. These coins have consistently performed well and could continue to do so.
- Consider $NEAR: $NEAR, which underperformed BTC by 25% before retracing its dump in the last week, could be a coin to watch. The catalyst for its performance was NEARCON, their conference.
- Watch for L2 Rotation: With the focus on BTC due to the ETF speculation, L1 coins like $SOL have gained more attention. However, a rotation to L2 coins like $ARB and $OP could be likely.
- Keep an Eye on AI Coins: AI coins like $RNDR, $AGIX, $FET, and $OCEAN have shown strength and could be worth monitoring, given the long-term potential of AI.
