Key Notes
- Altcoin market cap jumps to $1.12 trillion as October’s “Uptober” rally begins.
- XRP surges 4.5% on VivoPower’s treasury expansion and large whale accumulation.
- Avalanche Treasury Co.
- announces $675M SPAC deal, boosting AVAX price.
The crypto markets are off to a strong start in October, with the combined market capitalization of altcoins surging to $1.12 trillion. Top altcoins such as XRP
XRP
$2.98
24h volatility:
4.6%
Market cap:
$178.25 B
Vol. 24h:
$6.42 B
, Solana
SOL
$223.7
24h volatility:
6.8%
Market cap:
$121.60 B
Vol. 24h:
$9.38 B
, Avalanche
AVAX
$30.63
24h volatility:
2.3%
Market cap:
$12.93 B
Vol. 24h:
$1.23 B
, and Hyperliquid
HYPE
$48.96
24h volatility:
7.9%
Market cap:
$13.26 B
Vol. 24h:
$652.20 M
all posted significant gains in the past day.
XRP Gains on Corporate Interest
XRP has posted a 4.5% increase in the last 24 hours as buyer demand continues to grow. Nasdaq-listed VivoPower International PLC revealed it had raised $19 million through an equity offering, with proceeds directed toward expanding its XRP holdings.
The company issued new shares at $6.05 each, a premium to its last closing price. This comes after an earlier Regulation S offering, marking a step forward in VivoPower’s digital treasury program.
The announcement coincided with heavy XRP accumulation by large investors. Analyst Ali Martinez noted that whales have purchased roughly 250 million XRP, worth around $745 million, since the start of the week.
According to the data by CoinMarketCap, 24-hour trading volume has jumped by 33%, with XRP currently testing the crucial $3.0 zone. Analysts suggest that if the token closes above this level, a move toward $3.5 could follow.
AVAX Strengthens on $675M SPAC Deal
Avalanche Treasury Co. (AVAT) also announced a $675 million business combination with Nasdaq-listed Mountain Lake Acquisition Corp. (MLAC). The deal includes $460 million in treasury assets, part of which has already been allocated to AVAX purchases.
AVAT disclosed that it has acquired $200 million in AVAX at a discount, with 18-month priority rights in place.
The market reacted positively, with AVAX climbing 3.5% in the past day, adding $350 million in market cap. The token is currently trading around $30.72 with a market cap of $12.97 billion.
Altcoin Rally Ahead?
October’s rally and upcoming ETF deadlines for several altcoins have revived hopes that the market may finally be preparing for their next big run. While optimism is rising, some analysts warn against declaring a full-blown “altcoin season.”
Crypto trader Daan Crypto Trades noted that the Total Altcoin Market Cap is retesting levels last seen in 2021. He suggested that while certain tokens are likely to outperform, the sector still needs a decisive breakout.
The analyst explained that in previous cycles, once that collective breakout happens, it tends to attract new participants back into the market.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
Parth Dubey on LinkedIn
Source: https://www.coinspeaker.com/altcoin-season-institutional-push-xrp-avax/
