Key Takeaways
- Unlike past Uptober crypto rallies fueled by leverage, this year’s gains are being powered by fresh spot buying.
- Bitcoin, Zcash, BNB, Aster, and more have all seen significant surges, with several reaching new all-time highs.
- Experts suggest that if momentum continues without excessive leverage, it could mark healthier crypto cycle.
As “Uptober” unfolds, a large selection of crypto continues to surge above their weight, experiencing substantial rallies across the industry.
More intriguingly, some experts believe the surge is being driven less by leveraged bets and more by fresh spot demand, a shift that supporters say bodes well for stronger market health.
Uptober Crypto Standouts
BNB (BNB)
BNB, the native token of the Binance ecosystem, climbed to a fresh all-time high last week, fueled by a resurgence of investor confidence in tokens linked to Changpeng “CZ” Zhao.
On Monday, Oct. 6, BNB traded as high as $1,219, up about 3.5% in the past 24 hours, according to CoinMarketCap data.
Its total value locked (TVL) also rose from $7.58 billion on Sept. 27 to $8.69 billion, the highest level in more than three years.
On Thursday, Oct. 9, BNB was trading at $1,284, up about 22% over the past seven days.
Since mid-2025, the average number of daily transactions on the BNBChain is now more than four times higher than in the first quarter.
The BNB Chain’s rapid uptick in on-chain activity has also pushed network gas fees sharply higher.
CCN analysts said renewed optimism around CZ’s ongoing influence, despite his reduced formal role at Binance, has become a key driver of sentiment.
His continued visibility in social channels and industry discourse has helped reinforce confidence in BNB and the broader ecosystem of projects associated with him.
Bitcoin (BTC)
Bitcoin has seen significant gains throughout Uptober and briefly crossed a new all-time high of $125,700 on Monday, Oct. 6.
The gains have been fueled by steadily rising macro tailwinds, such as hopes for rate cuts and renewed institutional interest.
As well as reaching a new ATH, Bitcoin recorded its highest-ever weekly close at $122,689.
“The long-term Bitcoin price prediction for the rest of 2025 is bullish, meaning the upward trend will continue,” said CCN analyst Valdrin Tahiri.
At the time of reporting, Bitcoin’s price is trading at $122,799, increasing 3.35% over the past seven days.
Zcash (ZEC)
Zcash (ZEC) has been one of Uptober’s standout crypto performers, surging roughly 123% in seven days to trade around $151 on Tuesday, Oct. 7, according to CoinMarketCap data.
At the time of reporting, Zcash is trading at $192, having grown 282.34% over the last month.
Analysts at CCN, including Victor Olanrewaju, attributed the rally to Zcash’s “Bitcoin-like” design and its focus on built-in privacy features.
That narrative gained fresh momentum when Grayscale announced the launch of its Zcash Trust, expanding its suite of single-asset investment vehicles.
“Grayscale Zcash Trust is open for private placement for eligible accredited investors,” Grayscale said in a statement.
Sentiment was further boosted by comments from Naval Ravikant, the Indian-born American entrepreneur and prominent Bitcoin advocate, who wrote on X:
“Bitcoin is insurance against fiat. Zcash is insurance against Bitcoin.”
Following the announcements, Zcash’s trading volume briefly topped $1 billion on Tuesday before easing slightly.
ASTER (ASTER)
ASTER, one of October’s breakout altcoins, has staged a sharp recovery following its Binance listing, bouncing back from recent controversy over alleged trading volume manipulation on its decentralized exchange.
According to Olanrewaju: “Aster’s rebound couldn’t have come at a better time.”
The token surged back above $2 after Binance announced it would list ASTER for spot trading, reversing a bout of Fear, Uncertainty, and Doubt (FUD) that had briefly rattled investor confidence.
Just a day earlier, DeFiLlama, a prominent on-chain analytics platform, had removed Aster’s DEX trading volume data amid suspicions of inflated metrics.
The dramatic turn of events triggered a sell-off and sent the token tumbling to $1.82.
ASTER’s price briefly touched $2 on Sunday, Oct. 5, signaling renewed momentum and hinting at a possible push toward new highs.
On Thursday, Oct. 9, ASTER was trading at $1.80, up 2042% over the past month, according to CoinMarketCap.
APEX (APEX)
APEX, the native token of the ApeX Protocol, has also emerged as one of the market’s standout performers this month.
According to Olanrewaju, APEX has soared nearly 693% over the past 30 days, making it one of the strongest gainers among major DeFi tokens.
The surge has been fueled by what CCN analysts describe as a “bullish narrative around decentralized perpetual exchanges.”
The ApeX Protocol’s tokenomics, including staking rewards and governance rights, have also attracted longer-term holders.
On Oct. 6, APEX was trading at around $2.09, marking an increase of 63% in seven days, according to CoinMarketCap data.
Although it has cooled from its recent highs, Olanrewaju said that if buying pressure resumes, the token could retest its recent high near $2.72.
On Thursday, Oct. 9, APEX was trading at $1.75.
Spot Demand May Be Overtaking Leverage
One of the most notable features of this year’s “Uptober” rally is its changing composition, with market participants suggesting the upswing is being fueled more by spot market demand than by leveraged speculation.
According to Andrei Grachev, Managing Partner at DWF Labs, the market’s liquidity dynamics are shifting in a way that could signal a healthier phase for digital assets.
“What makes this Uptober unique is the state of liquidity,” Grachev said.
“Open interest in futures is falling and funding rates are neutral, which means traders are pulling back on leverage.
“If Uptober delivers a rally this year, it will be driven more by spot demand than by borrowed money.”
That trend appears to be taking shape.
Spot trading activity has risen sharply, with weekly spot Bitcoin ETF inflows surpassing $3.2 billion, the highest level since November 2024 and the second-largest on record, according to CoinShares data.
If markets can maintain momentum through October without heavy reliance on leverage, analysts say it could mark a structural shift in the crypto cycle.
“That is healthier for the cycle, even if the rally is slower to start,” Grachev added.
“If markets can climb in October without heavy leverage, it signals the foundation of this cycle is stronger than before.”
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Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
