Altcoin Rally Halted: $312M Token Unlocks Ahead

The total market capitalization of cryptocurrencies dropped 3.7% to $3.59 trillion on Nov. 3, amid a phase of fear. Over $312 million in token unlocks are set to hit the market between Nov. 3 and Nov. 10, which could flood the market with supply and create downward pressure on token prices. Historically, large-scale token unlocks have led to altcoin underperformance. However, some analysts see potential for a turnaround, with a head-and-shoulders pattern forming on Bitcoin's dominance chart, which could trigger another altcoin rally.