The market capitalization of Altcoins has increased by 20% since it hit a low of $500 billion at the end of October. As we entered November, even though Bitcoin’s dominance remains high, many Altcoins have seen significant gains thanks to renewed positive sentiment. Some Altcoins, which seemed to have been forgotten by investors, have also surged in November.
**OLD-TIME ALTCOINS SHOW SURPRISING GROWTH**
Long-standing Altcoins have demonstrated their resilience over time. Their teams may not be as active in marketing campaigns as before, but they are still operational. Moreover, the loyal investor base from 2016 has helped maintain liquidity for these Altcoin pairs.
According to data from Coingecko, the top-performing Altcoins in the recent 7-day period are the older ones from 2016. Coins like Gas (GAS), ARK (ARK), and Status (SNT) have seen price increases of 211%, 160%, and 120%, respectively.
1. **Gas (GAS) Surged Fivefold in the Last Two Months**
GAS is a token used to pay transaction fees in the Neo Blockchain (NEO) ecosystem. The price of NEO has also seen a strong increase of 70% in the last two weeks, possibly contributing to the rise in GAS.
GAS reached its all-time high price of $100 in 2018 and even touched $978 on Poloniex.
Recently, GAS has seen significant growth entering November, with its daily trading volume exceeding $1 billion (according to Coingecko). Its price touched $13, marking a fivefold increase since its September low. Traders may find it disadvantageous to enter at this point, but GAS has support levels to consider, around $8.5 and $5 according to the volume profile.
2. **ARK (ARK) Records a 240% Increase in Two Weeks**
ARK, another Altcoin from 2016, has seen a trading volume of nearly $400 million in the recent 7-day period. The project focuses on building a Layer 1 blockchain. ARK has nearly tripled in price since its October low. It reached $1.5 today, marking its highest point. The current support level for ARK is around $0.90 to $1.00.
3. **Status (SNT) Gains 140% in November**
SNT reached $0.3 in 2021 and $2.580 on Bittrex in 2017. The market has recently seen a wave of Telegram Bot and messaging-based trading applications, but Status had been doing this for over seven years.
SNT currently has support at the $0.05 level. Its recent 140% weekly candle is the largest weekly gain since the 2021 downtrend.
Looking at the overall market, other older coins are also making a comeback, but they have not experienced the breakthroughs that these three Altcoins have. It’s challenging to use data from the 2017-2018 all-time highs as targets for the current context, as the market has evolved significantly. Investors have more options and different trends to consider.
The latest statistics from Kaiko on the number of pairs delisted from various Centralized Exchanges (CEX) from 2016 to the present show that 2023 has seen the most Altcoins delisted in any year. Despite the year not being over yet, over 3,500 pairs have been delisted and declared inactive, surpassing 2021’s 3,000. The number may even triple 2021 by the end of the year.
Low liquidity and extended price declines have led many projects to their demise. Additionally, many projects had malicious intentions from the start, making delisting a success for them. This record-breaking number further highlights the value of older coins that have weathered the delisting storm over the past seven years. Therefore, capital is likely to continue flowing into these older coins as the uptrend resumes.