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Key Takeaways
As “Uptober” unfolds, a large selection of crypto continues to surge above their weight, experiencing substantial rallies across the industry.
More intriguingly, some experts believe the surge is being driven less by leveraged bets and more by fresh spot demand, a shift that supporters say bodes well for stronger market health.
Uptober Crypto Standouts
Bitcoin (BTC)
Bitcoin has seen significant gains throughout Uptober and briefly crossed a new all-time high of $125,700 on Monday, Oct. 6.
The gains have been fueled by steadily rising macro tailwinds, such as hopes for rate cuts and renewed institutional interest.
As well as reaching a new ATH, Bitcoin recorded its highest-ever weekly close at $122,689.
Zcash (ZEC)
Zcash (ZEC) has been one of Uptober’s standout crypto performers, surging roughly 123% in the past week to trade around $151, according to CoinMarketCap data.
Analysts at CCN attributed the rally to Zcash’s “Bitcoin-like” design and its focus on built-in privacy features.
That narrative gained fresh momentum when Grayscale announced the launch of its Zcash Trust, expanding its suite of single-asset investment vehicles.
Sentiment was further boosted by comments from Naval Ravikant, a prominent Bitcoin advocate.
Following the announcements, Zcash’s trading volume briefly topped $1 billion on Tuesday before easing slightly.
BNB (BNB)
BNB, the native token of the Binance ecosystem, climbed to a fresh all-time high this week, fueled by a resurgence of investor confidence in tokens linked to Changpeng “CZ” Zhao.
On Monday, Oct. 6, BNB traded as high as $1,219, up about 3.5% in the past 24 hours, according to CoinMarketCap data.
Its total value locked (TVL) also rose from $7.58 billion on Sept. 27 to $8.69 billion, the highest level in more than three years.
CCN analysts said renewed optimism around CZ’s ongoing influence, despite his reduced formal role at Binance, has become a key driver of sentiment.
His continued visibility in social channels and industry discourse has helped reinforce confidence in BNB and the broader ecosystem of projects associated with him.
ASTER (ASTER)
ASTER, one of October’s breakout altcoins, has staged a sharp recovery following its Binance listing, bouncing back from recent controversy over alleged trading volume manipulation on its decentralized exchange.
The token surged back above $2 after Binance announced it would list ASTER for spot trading, reversing a bout of Fear, Uncertainty, and Doubt (FUD) that had briefly rattled investor confidence.
Just a day earlier, DeFiLlama had removed Aster’s DEX trading volume data amid suspicions of inflated metrics.
The dramatic turn of events triggered a sell-off and sent the token tumbling to $1.82.
On Sunday, Oct. 5, ASTER’s price briefly touched $2, signaling renewed momentum and hinting at a possible push toward new highs.
APEX (APEX)
APEX, the native token of the ApeX Protocol, has also emerged as one of the market’s standout performers this month.
According to CCN analysts, APEX has soared nearly 693% over the past 30 days, making it one of the strongest gainers among major DeFi tokens.
The surge has been fueled by what CCN analysts describe as a “bullish narrative around decentralized perpetual exchanges.”
The ApeX Protocol’s tokenomics, including staking rewards and governance rights, have also attracted longer-term holders.
At the time of writing, APEX was trading at around $2.09, marking an increase of 63% in seven days, according to CoinMarketCap data.
Although it has cooled from its recent highs, analysts suggest that if buying pressure resumes, the token could retest its recent high near $2.72.
Spot Demand May Be Overtaking Leverage
One of the most notable features of this year’s “Uptober” rally is its changing composition, with market participants suggesting the upswing is being fueled more by spot market demand than by leveraged speculation.
According to Andrei Grachev, Managing Partner at DWF Labs, the market’s liquidity dynamics are shifting in a way that could signal a healthier phase for digital assets.
That trend appears to be taking shape.
Spot trading activity has risen sharply, with weekly spot Bitcoin ETF inflows surpassing $3.2 billion, the highest level since November 2024 and the second-largest on record, according to CoinShares data.
If markets can maintain momentum through October without heavy reliance on leverage, analysts say it could mark a structural shift in the crypto cycle.
This article has been published in ccn.com via Yahoo News.
These Cryptos Experience Uptober Gains as Spot Demand Overtakes Leverage
Unlike past Uptober crypto rallies fueled by leverage, this year’s gains are being powered by fresh spot buying. Bitcoin, Zcash, BNB, Aster, and more have ...
finance.yahoo.com
