ChainCatcher message, trader Eugene posted on social media: "Let the alt season BEGIN," indicating optimism for the start of alt season.

ChainCatcher news, according to Kaiko data, the weekly trading volume of the top 50 altcoins by market capitalization (excluding stablecoins) has surged to over $300 billion for the first time since 2021. Among them, the trading volume of the four major tokens: DOGE, XRP, SOL, and PEPE accounts for 60% of the total trading volume.

ChainCatcher message, MN Trading founder Michaël van de Poppe posted on platform X: "I am still satisfied with the decision to go all-in on altcoins. This topic has sparked a lot of criticism and feedback, which is good. Everyone has different strategies. I am investing in these assets for the long term, some of which have not yet yielded returns. My argument has not changed."

ChainCatcher news, CryptoQuant founder and CEO Ki Young Ju posted on the X platform that cryptocurrency traders are like gamers, and Web3 projects are their game developers. Creating engaging experiences in Web3 is more of an art than a business; for dopamine-driven individuals, making money is the ultimate game.Currently, meme coins dominate the cryptocurrency market, as most altcoins lack a strong narrative based on fundamentals, but a stablecoin-driven Web3 ecosystem is emerging—this is a new genre for analytical investors. Just as RPGs and FPSs are distinctly different, this future is very close, eager to dive in and seek alpha through on-chain data.

ChainCatcher news, QCP Capital stated in an official channel that given the strong upward trend of Bitcoin since the U.S. elections, it believes that a target price of $100,000 to $120,000 may not be far off. As the market prepares for the next rally, it is important to note the following trends and risk factors:Due to many large participants preparing for it and selling call options during the rally, implied volatility has been declining. With each new high, trading desks have observed the market selling call options and buying put options to hedge against downside risks.The market remains highly leveraged, especially in altcoins, where significant leverage has pushed the perpetual funding rate (1 year) up to 50-100%. Therefore, the risk of deleveraging could be quite substantial, particularly for altcoins.QCP Capital believes that the potential strength of BTC represents a systemic shift in the market in anticipation of Trump's return to the White House. The idea of initiating strategic BTC reserves and rotating from gold to BTC provides a strong bullish perspective that could support BTC prices.

ChainCatcher news, according to Blockworks, GSR research analyst Toe Bautista stated that the entire cryptocurrency market is also in a wait-and-see mode. But the good news is that he believes Bitcoin is "unbreakable" regardless of who wins.The analyst mentioned that from the perspective of altcoins, many project teams have been waiting for the right moment, observing the issuance of other tokens and the election results. When project teams are unsure whether the tokens they plan to deploy will be sued by the U.S. Securities and Exchange Commission within two months, not many are willing to issue tokens right now.However, this has not stopped him from being optimistic about the outlook for the first and second quarters of next year. Toe Bautista believes that if macro conditions remain favorable, the price of Bitcoin could rise further. "It's easy to foresee Bitcoin reaching $80,000, whether in Q1 of next year or by the end of the month."

ChainCatcher message, Bitfinex released a report indicating that after experiencing 8 months of turbulence, Bitcoin nearly broke its all-time high last week but then faced a sharp pullback. We believe this rebound was initially driven by the "Trump trade" narrative, and was subsequently affected by the uncertainty surrounding the results of tomorrow's U.S. presidential election. This lack of confidence is also reflected in the Bitcoin options market.As election day approaches, the market generally believes that a Republican victory would be favorable for Bitcoin, while the prospects of a Democratic win appear more ambiguous. The average odds of Trump winning have decreased from 64.9% to 56%. In the options market, the implied volatility of contracts nearing expiration has been unusually low ahead of election day. This calm in volatility indicates that investors are on the sidelines, waiting for clarity. However, it is expected that volatility will surge between November 5 and 8, which could trigger significant market fluctuations; if volatility fails to materialize, it may indicate a deeper caution in the market.A similar coolness has emerged in the altcoin market, with Bitcoin's market dominance exceeding 60%, reaching a new cycle high. Whenever Bitcoin pulls back, altcoins face severe declines. Ethereum and SOL have both dropped about 12% from recent highs, while Ethereum has fallen 40% since the initial ETF rebound. The speculative interest that once supported altcoins seems to have vanished, as reflected in stable funding rates and overall market sentiment being low. With Bitcoin absorbing most of the inflows into crypto assets, altcoins struggle to keep up, and without new catalysts, their prospects for a short-term recovery appear minimal.Even during last week's pullback, Bitcoin's overall resilience since the September lows is noteworthy. In summary, the current market dynamics suggest that the upcoming week will be very eventful. Whether you are a trader, investor, or casual observer, the road to election day is bound to be anything but uneventful.

According to ChainCatcher news, monitored by Spot On Chain, a new Gemini multi-signature custody wallet (address: 0xc96) has recently withdrawn a large amount of various altcoins, specifically including:42,000 ETH, worth approximately $103.8 million;350,000 LINK, worth approximately $3.77 million;200 billion SHIB, worth approximately $3.39 million;400 billion PEPE, worth approximately $3.29 million.The wallet was created 18 days ago, and the most recent activity occurred 8 hours ago.

ChainCatcher news, Into The Cryptoverse founder Benjamin Cowen posted on X: "It seems that the grand finale of the altcoin reckoning is finally here. The altcoin reckoning should conclude by December 2024 (at the latest by the second week of January 2025). It has been a long journey, and many have given up along the way, but this process will always continue."