XRP, AVAX Surge on Institutional Investments as Altcoin Market Rallies
The crypto market has made a strong start in October, with altcoin market capitalization reaching $1.12 trillion. Key altcoins like XRP, Solana, Avalanche, and Hyperliquid have seen notable gains.
XRP Gains on Corporate Interest
- XRP increased by 4.5% in 24 hours due to rising demand.
- VivoPower International PLC raised $19 million for XRP investment, issuing shares at $6.05 each, above the last closing price.
- Analyst Ali Martinez reported whales purchased approximately 250 million XRP, worth about $745 million this week.
- XRP's trading volume jumped by 33%, testing the $3.0 zone; a close above could target $3.5.
AVAX Strengthens on $675M SPAC Deal
- Avalanche Treasury Co. announced a $675 million deal with Mountain Lake Acquisition Corp., involving $460 million in treasury assets.
- $200 million in AVAX was acquired at a discount with 18-month priority rights.
- AVAX rose 3.5%, increasing its market cap by $350 million, currently trading around $30.72.
Altcoin Rally Ahead?
- October's rally and upcoming altcoin ETF deadlines have sparked optimism for a potential market run.
- Analyst Daan Crypto Trades noted that the Total Altcoin Market Cap is retesting 2021 levels but needs a clear breakout for sustained growth.
- New market participants are expected if a collective breakout occurs.