Many old low market cap altcoins suddenly rose strongly again in November

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Altcoin market capitalization has increased by 20% since its low of $500 billion in late October. Entering November, while Bitcoin’s share remains high, many altcoins have grown significantly again thanks to positive sentiment. Some altcoins that seemed to be forgotten by investors also saw huge gains this November.

Many old low market cap altcoins suddenly surged higher

The longevity of altcoins demonstrates the viability of the project over time. Maybe the team isn’t driving marketing campaigns like they once were, but at least they’re still active. On top of that, the number of loyal investors since 2016 has helped the altcoin pair remain liquid to this day.

Statistics from Coingecko show that the altcoins with the largest increase in the past seven years are old altcoins since 2016, such as Gas (GAS), ARK (ARK), and Status (SNT), with increases of 211%, 160%, and 120% respectively.

Top altcoins that have grown significantly over the past 7 years. Source: Coingecko.

#1st.Natural gas (GAS) has increased fivefold in the past two months

GAS is the token used to pay transaction fees in the Neo Blockchain (NEO) ecosystem. Amid the general rise in altcoins, NEO prices have also surged by 70% in the past two weeks. This may have stimulated the upward momentum of GAS.

In 2018, the GAS price peaked at US$100 and once reached US$978 on Poloniex.

Analyze GAS prices within 3 hours. Source: Beincrypto.

Recently, entering November, GAS has really exploded. Today’s GAS trading volume exceeded 1 billion US dollars (according to Coingecko data), and the price reached 13 US dollars, which has increased 5 times since the end of September. Buying this position immediately will be a good idea for traders. is disadvantageous. But GAS has two support levels worth considering: the $8.5 area and the $5 area, depending on volume.

#2. ARK (ARK) Up 240% in Two Weeks

ARK, also an altcoin since 2016, has a trading volume of nearly $400 million in the past seven days. The project builds a layer 1 blockchain, and the ARK price peaked at $11 on Bittrex during the 2018 market.

ARK price analysis 6-hour frame. Source: Beincrypto.

ARK has nearly tripled since its October lows, and today was arguably ARK’s strongest day yet, reaching $1.50. The current support area for ARK is $0.90 – $1.00.

#3. Status (SNT) rose 140% in November

The price of SNT in 2021 is $0.3, and the price on Bittrex in 2017 was $2,580. It wasn’t until 2023 that there was a wave of Telegram Bots and text trading apps on the market, but Status has been doing this since over 7 years ago.

Analyze SNT price within a 12-hour frame. Source: Beincrypto.

SNT found support in the $0.05 area. SNT’s recent 140% weekly candlestick gain is by far the largest weekly candlestick gain since the 2021 downtrend.

From the perspective of supply, other old coins have also increased again, but they have not experienced breakthroughs like the above three altcoins. It’s difficult to use old peak data from 2017-2018 as a target for the current context because the market is different now. Investors have more choices and more different trends.

“Old coins” but vitality always exists waiting for new capital flows

Kaiko’s latest statistics on the number of currency pairs delisted from CEX from 2016 to present show that there has never been a year with such a large number of altcoin delistings as in 2023, although the year is not yet over.

The number of trading pairs that have been delisted over the years, excluding FTX. Source: Keko.

The number of inactive (no longer traded) and delisted trading pairs in 2023 has exceeded 3,500. That’s up from 2021’s 3,000 figure, and could reach 3 times 2021 levels by the end of the year.

Liquidity is low and prices have fallen for too long, causing many projects to fail, not to mention many projects that had the intention of “pulling the carpet” from the beginning, so delisting is a success for them.

This record number further boosts the value of older coins as they overcome nearly seven years of delisting. Therefore, when the upward trend returns, capital flows can still continue to flow into old coins.

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