This week saw particular investor interest in events such as Grayscale's review of 35 altcoins for potential investment products and investor expectations for an altseason ahead of the US elections.
Additionally, Miles Deutscher suggested several altcoins, claiming that they could have strong growth potential. The community is also keeping a close eye on Craig Wright’s legal plans and Tesla’s Bitcoin moves.
Grayscale reveals 35 potential altcoins
Earlier this week, Grayscale announced a list of 35 altcoins under consideration for future investment products. Following the announcement, many of these cryptocurrencies saw significant price increases over the week. The top 10 on the list saw gains ranging from 13% to 49%.
The top 10 performing altcoins of the week are among Grayscale’s potential candidates. Source: Dropstab
30 out of 35 altcoins had a positive week, with only Kaspa (KAS) and Helium (HNT) facing notable declines of -4% and -7.4% respectively.
“The list of Assets Under Consideration includes digital assets that are not currently included in a Grayscale investment product, but have been identified by our team as potential candidates for inclusion in a future product,” Grayscale explained.
Additionally, Grayscale has filed with the SEC to convert its Digital Large Cap Fund into an ETF, following the successful transformation of the Bitcoin Trust and Ethereum Trust into spot ETFs.
Miles Deutscher highlights 4 altcoins
Investor Miles Deutscher has unveiled four altcoins that he believes can deliver returns of up to 10x. These altcoins focus on GameFi, artificial intelligence (AI), Decentralized Physical Infrastructure Network (DePIN), and real-world assets (RWA), including:
SuperVerse (SUPER)
Bittensor (TAO)
Mantra (OM)
Render (RNDR)
Price performance of altcoins suggested by Deutscher. Source: TradingView
Since his announcement, the prices of these altcoins have seen a slight drop, which has occurred while Bitcoin dominance has reached a three-year high. Deutscher also commented on memecoins, suggesting that they are at an inflection point and could face a short-term correction.
Read more: Altseason: what it is and how to take advantage of the altcoin bull cycle
Craig Wright Plans to Sue Bitcoin Core
On October 11, a UK High Court tracker revealed that Craig Wright is taking legal action against Bitcoin Core and Square.
Wright, representing himself in the case as a “direct plaintiff,” is seeking £911 billion (~$1.18 trillion) from the entities, claiming they misrepresented Bitcoin (BTC) as the true version of the digital asset created by Satoshi Nakamoto.
Additionally, Wright has threatened to sue MicroStrategy CEO Michael Saylor for allegedly misrepresenting the asset. The Australian computer scientist is also filing three other legal challenges in the UK, two against the Crypto Open Patent Alliance (COPA) and one targeting Peter McCormack.
Altseason before the US presidential election?
Throughout the week, several crypto industry experts expressed optimism for the price of altcoins ahead of the US presidential election. Ki Young Ju, CEO of CryptoQuant, suggested that a Trump victory could drive regulatory changes that would trigger a bull rally in several cryptocurrencies.
If Trump wins, expect regulatory changes, including fee changes that allow token burns for revenue-generating projects.
Technical analysts Michaël van de Poppe and CRG have also predicted that an altseason could begin next month. Echoing these views, Crypto Rover has predicted an imminent altcoin season by monitoring Bitcoin Dominance movements.
Bitcoin Dominance Fluctuations. Source: Crypto Rover.
Tesla moves Bitcoin worth up to $760 million
This week, Elon Musk’s Tesla unexpectedly moved nearly all of the Bitcoin it had held over the past three years to new wallet addresses. Initially, investors feared that the company was preparing to sell the BTCs via OTC, but those concerns quickly dissipated as the price of Bitcoin remained unchanged.
“There’s no proof it’s an OTC deal yet. Even if it was, that means someone bought it, so it’s not entirely bearish. Who knows,” Sir Doge of the Coin said here.
Many now believe the move was a simple reallocation. In 2021, Musk had stated that Bitcoin payments made to Tesla would be kept, and not converted to fiat currency.
The article Bitcoin, Tesla and possible altseason among the highlights of the week was first seen on BeInCrypto Brasil.
