Altcoin Rally Accelerates: This Coin Hits Its Highest Level Since December, Stands Out in Trading
As an index tracking smaller altcoins rose more than twice as much as major crypto assets, NEAR stood out with both price gains and new futures positions.
In CoinDesk’s October 12 market review, the CoinDesk 80 index, which tracks smaller tokens, rose 3.1% over the past 24 hours, while the CoinDesk 5, which tracks major crypto assets, gained 1.2%. However, this move in altcoins is taking place in a market where liquidity remains weak.
Among other indexes, the CoinDesk 100 gained 2%, the CoinDesk 20 rose 1.7%, and the memecoin index advanced 0.8%.
New positions accompany NEAR’s price rise
NEAR rose 10% to reach its highest price since December. Over the same period, the dollar value of open futures positions increased 17%. After accounting for the effect of the price increase, open contracts were up approximately 6%.
NEAR also ranked second among major tokens in a measure of buying and selling pressure adjusted for open interest. This indicator suggests that traders looking to buy quickly have the upper hand.
Zcash posts a similar rally, but the positions picture differs
Zcash (ZEC) gained 6%, while the dollar value of open positions rose 7%. After excluding the price effect, the increase in new open contracts was approximately 1%.
ZEC’s 24-hour futures trading volume reached $5.46 billion, placing it fourth after Bitcoin, Ethereum, and Solana. However, the indicator comparing the weight of aggressive buyers with that of sellers was only slightly positive. As a result, despite the high trading volume, the increase in new positions was more limited than for NEAR.
Liquidity in altcoins remains weak
Across the market, futures trading volume increased 81% to $126 billion, while the total value of open interest rose just 2.44% to $145.8 billion. The data shows that the surge in trading activity was not matched by a comparable increase in new positions.
The research notes that the dollar-denominated order book depth for Bitcoin and Ethereum has returned to its levels before the sudden drop in October 2025, while altcoin liquidity continues to weaken. Alongside the strong daily performance of smaller tokens, the availability of liquidity to absorb trades remains important.