With less than 48 hours left in October, the crypto market is gearing up for more upward volatility, particularly in the altcoin sector, which has captured the attention of swing traders over the past two weeks. The recent breakout initiated by Bitcoin has led to a broader rebound in the entire altcoin market.
Key Indicator to Watch for Alt Season
One key indicator to monitor for the potential altcoin season is the Total 2, which tracks the total market capitalization excluding Bitcoin. It has surged by over 13 percent since October 13, reaching approximately $576 billion at the time of writing.
According to Crypto Tony, a renowned digital asset investor and analyst on the X platform, the altcoin industry is on the verge of a mini pump if the bulls manage to break above the falling logarithmic resistance. Such a breakthrough could propel the altcoin industry toward a market cap of around $621 billion, potentially signaling the onset of a macro bull run after a two-year triangular consolidation.
Top Altcoins to Watch
Amidst the growing crypto speculation, several altcoins have started the week on a bullish note, hinting at further gains in the days ahead. Among the top altcoins to keep on your watchlist are:
- Solana (SOL): Solana has shown promising signs, with its value gaining more than 6 percent in the past 24 hours.
- Monero (XMR): Monero, a privacy-focused cryptocurrency, has also demonstrated strength, making it a contender for potential gains.
- Axie Infinity (AXS): Axie Infinity, a blockchain-based game, has witnessed a 6 percent increase in the last 24 hours, making it an exciting choice for traders.
These altcoins could see additional gains if Bitcoin’s dominance continues to correct in the coming days, allowing more room for the altcoin market to flourish.
As we approach the end of Uptober, the crypto market remains dynamic and full of potential, offering opportunities for traders and investors alike. Keep a close eye on these developments as we navigate the exciting world of cryptocurrencies.
