Altcoins Shine as Crypto Market Takes a Hit in Early October

The crypto market has been experiencing a downturn in early October, with total market capitalization slipping 0.30% over the past week. However, a few altcoins have bucked this trend, posting double-digit gains.

Aave (AAVE) has seen a 20% increase, including a 7% jump on Friday, thanks to its lending growth and reaching the $1 billion milestone in user deposits. Pump.fun (PUMP) has also rallied 30% in a week, largely due to the token's supply cuts. The firm is directing roughly half of net protocol revenue into PUMP buybacks and burns, with daily purchases topping $1M several times in late September.

Worldcoin (WLD) has added 15% this week, although Santiment did not tie this move to a specific catalyst. Sky (SKY) has also seen a 14% weekly gain, attributed to rising institutional interest. Galaxy Digital added $100 million of sUSDS, Sky's yield-bearing savings token, to its treasury, and approved sUSDS as collateral across its institutional trading business.

Quant (QNT) has been one of the hardest-hit tokens, dropping 7% on Friday, and over 32% since its late September high. However, it remains up 152% over 7 days at $252.55.