Can Solana, Ripple, Chainlink and Dogecoin Catch the Bitcoin Rally?

investing.com:

After a period of dwindling risk appetite in cryptocurrency markets due to geopolitical uncertainties and higher rates, a revival in enthusiasm is now being driven by the industry's internal dynamics.

Cryptocurrencies entered October with a bearish tone, but a significant uptick in demand during the latter half of the month turned the tide.

This resurgence, led by Bitcoin, has now spilled over into the altcoin market, mirroring the momentum experienced back in June. Once again, the rally is primarily propelled by the progress made in the development of a Bitcoin ETF.

The cryptocurrency world was abuzz with anticipation following the announcement of Actions related to the ETF product, driving an increased demand for Bitcoin and pushing its price up to the $35,000 mark.

While Bitcoin's ascent appears to be slowing down as it approaches the $35,000 threshold, the cryptocurrency continues to demonstrate resilience within the $34,000 range.

Furthermore, the recent horizontal trajectory of Bitcoin, which has seen an impressive surge of over 20% in the last week, is paving the way for various altcoins to make their moves.

In terms of trading volumes over the past 24 hours, the top-performing altcoins, following Ethereum, include Solana, Ripple, Chainlink, and Dogecoin.

Solana has been on a steady rise in recent months, especially as an altcoin in demand by institutional investors. According to CoinShares data, there has been an increase in demand for Solana-based mutual funds, while interest in Ethereum, its biggest competitor in this area, has decreased significantly.

This activity has also affected the price of Solana, with the cryptocurrency starting to end its recent short-term downtrend in the $17 region in September. A