The cryptocurrency market saw a notable altcoin surge on October 7, 2019, with several major alternative cryptocurrencies posting double-digit gains even as Bitcoin consolidated around the $8,245 level. The rally coincided with a significant infrastructure development for the Ethereum ecosystem that could lower barriers for blockchain developers worldwide.
TL;DR
- EOS surged 8.49%, TRON climbed 10.73%, and Chainlink gained 10.20% in 24 hours
- Cosmos (ATOM) rose 10.02%, Cardano (ADA) added 6.71%, and XRP advanced 7.53%
- Chainstack announced unlimited free access to shared Ethereum nodes at Devcon 5
- Ethereum maintained its position at $181 with a 5.04% daily gain
- Bitcoin held steady at $8,245, down less than 1% over the previous week
The day’s price action told a clear story: while Bitcoin moved sideways with a modest 3.53% daily uptick, the altcoin market came alive. TRON led the charge among top-15 cryptocurrencies with a 10.73% surge, bringing its weekly gains to over 12%. EOS followed closely with an 8.49% jump, while Chainlink continued its remarkable run with a 10.20% daily advance and a stunning 35.90% gain over the past seven days.
Altcoin Breakout Across the Board
The breadth of the altcoin rally was striking. Virtually every major alternative cryptocurrency outside of stablecoins posted meaningful gains on October 7. Cosmos (ATOM) surged 10.02%, extending its weekly advance to 13.60%. Cardano (ADA) gained 6.71%, matching its weekly performance. Even XRP, which had been relatively subdued, posted a 7.53% daily gain with a 7.48% weekly increase.
Ethereum itself wasn’t left behind. The second-largest cryptocurrency by market capitalization rose 5.04% to trade at $181.19, with a market cap of approximately $19.6 billion. Bitcoin Cash also joined the rally with a 5.19% gain to $234.24, while Litecoin added 4.74% to reach $57.79.
The total cryptocurrency market capitalization stood at approximately $221 billion on October 7, with Bitcoin dominance reflecting its $148.3 billion valuation. However, the day clearly belonged to the altcoins, as traders rotated capital into higher-beta positions amid improving sentiment.
Chainstack Removes Barriers for Ethereum Developers
In a move that could accelerate Ethereum’s developer ecosystem, infrastructure provider Chainstack announced on October 7 that it was making unlimited access to shared Ethereum nodes completely free at every subscription tier. The announcement came during Devcon 5, Ethereum’s annual developer conference.
The offering includes unlimited requests to Ethereum networks with no throttling or rate limiting, distributed nodes across multiple cloud providers including Google Cloud Platform and Amazon Web Services, and full access to the node’s native API for transparent transaction investigation. For developers who need dedicated high-performance nodes, Chainstack offers its Bolt technology that can synchronize a new node in minutes rather than the days or weeks typically required.
This development is significant given that Ethereum already boasts four times the number of active developers compared to the next largest blockchain ecosystem, according to Electric Capital’s developer report. By removing the cost barrier for node access, Chainstack’s initiative could further widen Ethereum’s developer advantage over competing platforms.
What’s Driving the Altcoin Momentum
Several factors appeared to contribute to the broad altcoin rally. The overall market sentiment had been improving since Bitcoin found support above $8,000, giving traders confidence to take on more risk. Chainlink’s exceptional 35.90% weekly gain suggested growing recognition of oracle infrastructure’s importance in the DeFi ecosystem, which was beginning to gain mainstream attention in late 2019.
TRON’s strong performance came alongside continued network development under founder Justin Sun, while Cosmos benefited from growing interest in cross-chain interoperability solutions. Cardano’s gains reflected anticipation around the Shelley upgrade that would bring staking and decentralization to the network.
EOS, despite its controversial history, showed that traders were willing to bet on the Block.one-backed platform, with an 8.49% daily surge suggesting renewed interest in high-throughput blockchain solutions.
Why This Matters
The October 7 altcoin rally and Chainstack’s free Ethereum node initiative represent two sides of the same coin: a maturing ecosystem where both market participants and infrastructure providers are building for the long term. With Bitcoin at $8,245 and Ethereum at $181, the market was far from the euphoric highs of late 2017, but developments like free developer tooling and broad-based altcoin participation suggested the foundations for the next growth cycle were being laid. The 35.90% weekly gain in Chainlink would prove to be an early signal of the oracle token’s importance in the DeFi explosion that followed in 2020.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions.
free ethereum nodes from chainstack at devcon 5 was a solid move for devs back then
Chainstack giving away free Ethereum nodes at Devcon 5 was massively underrated. dropped the barrier to entry for every solo dev in the room
node_runner_42 chainstack free nodes at devcon 5 saved my thesis project. was paying 80 bucks a month for infura before that lol
chainstack free nodes literally changed the game for indie devs. before that you were either running your own or paying alchemy premiums
free eth nodes was huge. Devcon 5 was when the infra started catching up to the hype
chainstack free nodes at devcon 5 literally changed the game. before that you were either running your own or paying alchemy premiums
LINK gaining 35.9% in a week while BTC moved 3.5%. The divergence between infrastructure tokens and the market leader was the trade.
the LINK divergence was the trade of that quarter. BTC flat, oracles ripping. learned to watch infrastructure tokens during consolidation phases
35.9% weekly on LINK while BTC moved sideways. the oracle thesis finally getting priced in after years of being undervalued
LINK gained 35.9% in a week while BTC moved 3.5%. The infrastructure thesis finally getting priced in
link up 35.9 percent in a week while btc barely moved shows the infrastructure play was starting to click
LINK at 35.9% weekly was the signal that oracles were becoming real infrastructure. bought at $2.20 held through 2021 and never regretted it
TRON pumping 10.73% on what fundamental exactly? justin sun breathing? lol
tron pumping 10 percent on justin sun breathing is exactly what atom_staker_ said lol
TRON pumping 10.73% on what fundamental exactly? justin sun breathing? lol
TRON pumping 10% on free ETH nodes is peak crypto correlation. justin sun could pump on a thunderstorm in taiwan
LINK at 35.9% weekly with BTC flat at 8245. that was the moment oracle tokens became their own category. anyone who caught that divergence made life changing money
Joon-ho L. LINK at 35.9% weekly was the delegation moment. staking went live on mainnet a few weeks before Devcon and the tokenomics finally made sense. oracle tokens became a real category that week
LINK up 35.9% in a week with BTC flat. the oracle narrative was the only thing working in late 2019. everything else was dead money
Cosmos gaining 10% on the same day as the Chainstack announcement made sense. ATOM was building real IBC infrastructure while everyone else was shilling whitepapers
DevconDan IBC was years away in oct 2019 though. Cosmos pumped on vibes and a devcon demo, same as every other altcoin that week
DevconDan Cosmos pumping 10% on IBC demo at Devcon 5 and then IBC actually shipping 2 years later. rare W for fundamentals over hype
paying Infura $80/month just to read contract state in 2019 was painful. Chainstack free nodes at Devcon felt like being released from prison
rpc_junkie_ Infura was basically the only game in town. competition from Chainstack forced the whole RPC market to get cheaper
EOS at 8.49% on the same day. people forget Block.one had 4 billion in the bank and still couldnt ship anything useful
EOS at 8.49% pump and Block.one sitting on 4 billion in cash doing nothing. that token is the biggest case of wasted potential in crypto history