Key Takeaways: October’s correction and weak macro data kept altcoin sentiment cautious, but selective recovery signs are emerging. Ethereum closed October flat, though Q4 has historically been a positive period for the asset. Ethereum’s next move hinges on macro conditions and market sentiment. A sustained break below $3,800 could deepen the selloff, while dovish signals from the Fed may support recovery. Privacy coins led October’s gains, with Zcash up nearly 290%, followed by strength in AI-sectors. Altcoin rotation is likely to stay selective, driven by quality narratives and liquidity rather than broad retail inflows. October didn’t live up to the “Uptober” expectations. The brutal market correction on Oct. 10 still weighs on sentiment. Investor pessimism has been fueled by U.S.–China tariff tensions, the Fed’s policy stance, and weak economic data. But can November change the tone and bring optimism back? Throughout the month, the crypto community kept repeating “Uptober” and talking about an upcoming altseason. Yet Ethereum (ETH) underperformed, closing October without the expected breakout. Historically, however, Q4 has been a positive period for the asset. Despite the recent drawdown, November and December could still shift the picture. Ethereum (ETH) 24h7d30d1yAll time ETH has slipped below $4,000 and is now holding near $3,800. If the bearish scenario plays out, a deeper pullback toward $3,500 remains possible. This is a key psychological level that may determine the next market direction. In 2024, Ethereum ended Q4 up 28.34%, and in 2023, 36.66%. Still past performance doesn’t guarantee future gains. The market cycle stage remains uncertain. Some analysts believe the altseason peaked this summer, while others expect another wave. Maria Carola, CEO of StealthEx, told Cryptonews that market risks remain elevated. Even though the market looks stronger than in previous cycles, she warned that sudden shocks could still trigger sharp declines: ‘Ethereum Breach Alone Is Necessary but Not Sufficient’ Speaking with Cryptonews, Cais Manai, Co-Founder and Head of Product at TEN Protocol, noted that Ethereum’s recovery remains uncertain amid shifting macro conditions. Market participants are waiting for a clear signal before committing to the next major trend: Ethereum’s performance is still closely tied to Bitcoin. A strong Bitcoin (BTC) historically hasn’t been the best scenario for altcoins. According to Curvo, in 2024 BTC rose 135%, while ETH gained 55%. In 2023, BTC advanced 147%, and ETH 86%. Interestingly, in 2021 and 2020, Ethereum outpaced Bitcoin with gains of 436% and 423%, respectively. It’s also worth noting that in 2022, both coins corrected to almost the same level. Will this pattern repeat in 2025? For Ethereum to rise, it’s not enough for Bitcoin’s price or dominance to decline. The asset still needs to remain resilient while quietly moving into the background. Carola explained that while Bitcoin’s slowdown can create room for ETH and other altcoins, it doesn’t automatically trigger rotation: Altcoins Face a Slow and Selective Recovery Ahead Among altcoins, Zcash (ZEC) stood out the most. The token ranked first in performance over the past 30 days, gaining nearly 290%. That sudden surge triggered a sense of FOMO among some traders, especially since most of the market is still in correction. But as we know, narratives in crypto rarely last long. The key is learning to spot them early — not chasing them at the top. Carola noted, such rallies often carry a speculative edge. She added that RWA and AI-related sectors could also perform well in the coming months. This trend is already visible in projects like Bittensor (TAO), which gained about 43% in October, and in growing interest toward AI infrastructure tokens following the rise of x402: Despite renewed activity in certain niches, the broader altcoin market still lacks retail participation. According to Gavin Thomas, CEO at TEN Protocol, capital flows are mostly driven by experienced traders rotating between sectors rather than a new retail wave: Conclusion: Rotation, Narratives, and What Comes Next Capital may soon begin to rotate from Bitcoin into Ethereum and its broader ecosystem, although other players such as BNB and Solana could also take the lead in the coming months. Maria Carola believes that rotation is possible, but it will be selective: Gavin Thomas agrees that the next market phase is not yet here and that the turning point will depend on new use cases: He also notes that Ethereum remains central to the market’s structure: The coming month is unlikely to lift the entire market, yet it may reveal which stories and assets still have the strength to move forward. Investors should keep an eye on markets where volatility remains high, as that’s where trading volumes concentrate. Watching which projects recover faster after the recent drawdowns may offer the best clues about where capital will rotate next. Key Economic and Crypto Events to Watch in November 2025 November 3 — Monad (MON) Airdrop Claim Opens Holders and early participants will be able to claim their MON tokens as the project launches its long-awaited airdrop. Market attention will likely focus on the token’s initial liquidity and price stability. November 3 — Sonic (S) Mainnet Upgrade Sonic’s upcoming mainnet upgrade is expected to improve transaction throughput and overall network stability. The update may influence investor confidence and on-chain activity around S. November 4 — Polkadot (DOT) Polkadot Hub Launch The launch of Polkadot Hub aims to unify the network’s ecosystem tools and governance modules. The update may boost developer engagement and visibility for DOT within the multichain space. November 5 — Jupiter (JUP) Prediction Market AMA The Jupiter team will host an AMA focused on its new prediction market initiative. Community insights and roadmap details could spark renewed interest in JUP’s utility and ecosystem growth. November 11 — Lido DAO (LDO) Tokenholder Update Lido will share its latest governance and staking performance updates with token holders. The session may outline protocol growth metrics and plans for expanding liquid staking adoption. November 25 — Starknet (STRK) V0.14.1 Mainnet Upgrade The Starknet V0.14.1 upgrade will go live on mainnet, introducing performance optimisations and improved transaction efficiency. Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice Key Takeaways: October’s correction and weak macro data kept altcoin sentiment cautious, but selective recovery signs are emerging. Ethereum closed October flat, though Q4 has historically been a positive period for the asset. Ethereum’s next move hinges on macro conditions and market sentiment. A sustained break below $3,800 could deepen the selloff, while dovish signals from the Fed may support recovery. Privacy coins led October’s gains, with Zcash up nearly 290%, followed by strength in AI-sectors. Altcoin rotation is likely to stay selective, driven by quality narratives and liquidity rather than broad retail inflows. October didn’t live up to the “Uptober” expectations. The brutal market correction on Oct. 10 still weighs on sentiment. Investor pessimism has been fueled by U.S.–China tariff tensions, the Fed’s policy stance, and weak economic data. But can November change the tone and bring optimism back? Throughout the month, the crypto community kept repeating “Uptober” and talking about an upcoming altseason. Yet Ethereum (ETH) underperformed, closing October without the expected breakout. Historically, however, Q4 has been a positive period for the asset. Despite the recent drawdown, November and December could still shift the picture. Ethereum (ETH) 24h7d30d1yAll time ETH has slipped below $4,000 and is now holding near $3,800. If the bearish scenario plays out, a deeper pullback toward $3,500 remains possible. This is a key psychological level that may determine the next market direction. In 2024, Ethereum ended Q4 up 28.34%, and in 2023, 36.66%. Still past performance doesn’t guarantee future gains. The market cycle stage remains uncertain. Some analysts believe the altseason peaked this summer, while others expect another wave. Maria Carola, CEO of StealthEx, told Cryptonews that market risks remain elevated. Even though the market looks stronger than in previous cycles, she warned that sudden shocks could still trigger sharp declines: ‘Ethereum Breach Alone Is Necessary but Not Sufficient’ Speaking with Cryptonews, Cais Manai, Co-Founder and Head of Product at TEN Protocol, noted that Ethereum’s recovery remains uncertain amid shifting macro conditions. Market participants are waiting for a clear signal before committing to the next major trend: Ethereum’s performance is still closely tied to Bitcoin. A strong Bitcoin (BTC) historically hasn’t been the best scenario for altcoins. According to Curvo, in 2024 BTC rose 135%, while ETH gained 55%. In 2023, BTC advanced 147%, and ETH 86%. Interestingly, in 2021 and 2020, Ethereum outpaced Bitcoin with gains of 436% and 423%, respectively. It’s also worth noting that in 2022, both coins corrected to almost the same level. Will this pattern repeat in 2025? For Ethereum to rise, it’s not enough for Bitcoin’s price or dominance to decline. The asset still needs to remain resilient while quietly moving into the background. Carola explained that while Bitcoin’s slowdown can create room for ETH and other altcoins, it doesn’t automatically trigger rotation: Altcoins Face a Slow and Selective Recovery Ahead Among altcoins, Zcash (ZEC) stood out the most. The token ranked first in performance over the past 30 days, gaining nearly 290%. That sudden surge triggered a sense of FOMO among some traders, especially since most of the market is still in correction. But as we know, narratives in crypto rarely last long. The key is learning to spot them early — not chasing them at the top. Carola noted, such rallies often carry a speculative edge. She added that RWA and AI-related sectors could also perform well in the coming months. This trend is already visible in projects like Bittensor (TAO), which gained about 43% in October, and in growing interest toward AI infrastructure tokens following the rise of x402: Despite renewed activity in certain niches, the broader altcoin market still lacks retail participation. According to Gavin Thomas, CEO at TEN Protocol, capital flows are mostly driven by experienced traders rotating between sectors rather than a new retail wave: Conclusion: Rotation, Narratives, and What Comes Next Capital may soon begin to rotate from Bitcoin into Ethereum and its broader ecosystem, although other players such as BNB and Solana could also take the lead in the coming months. Maria Carola believes that rotation is possible, but it will be selective: Gavin Thomas agrees that the next market phase is not yet here and that the turning point will depend on new use cases: He also notes that Ethereum remains central to the market’s structure: The coming month is unlikely to lift the entire market, yet it may reveal which stories and assets still have the strength to move forward. Investors should keep an eye on markets where volatility remains high, as that’s where trading volumes concentrate. Watching which projects recover faster after the recent drawdowns may offer the best clues about where capital will rotate next. Key Economic and Crypto Events to Watch in November 2025 November 3 — Monad (MON) Airdrop Claim Opens Holders and early participants will be able to claim their MON tokens as the project launches its long-awaited airdrop. Market attention will likely focus on the token’s initial liquidity and price stability. November 3 — Sonic (S) Mainnet Upgrade Sonic’s upcoming mainnet upgrade is expected to improve transaction throughput and overall network stability. The update may influence investor confidence and on-chain activity around S. November 4 — Polkadot (DOT) Polkadot Hub Launch The launch of Polkadot Hub aims to unify the network’s ecosystem tools and governance modules. The update may boost developer engagement and visibility for DOT within the multichain space. November 5 — Jupiter (JUP) Prediction Market AMA The Jupiter team will host an AMA focused on its new prediction market initiative. Community insights and roadmap details could spark renewed interest in JUP’s utility and ecosystem growth. November 11 — Lido DAO (LDO) Tokenholder Update Lido will share its latest governance and staking performance updates with token holders. The session may outline protocol growth metrics and plans for expanding liquid staking adoption. November 25 — Starknet (STRK) V0.14.1 Mainnet Upgrade The Starknet V0.14.1 upgrade will go live on mainnet, introducing performance optimisations and improved transaction efficiency. Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice