9 cryptocurrencies that could surge in November, according to analysts

The cryptocurrency market enters November in a more cautious mood, after an October marked by declines in major assets and rising economic uncertainty. Bitcoin lost around 10% over the month, while Ethereum dropped 8% and Solana fell 20%, dragged down by the turmoil from the multi-billion-dollar Binance hack on the 29th. Despite the negative performance, analysts believe some projects could stand out in the coming weeks, particularly those with revenue generation, token buyback mechanisms and progress in institutional adoption.

The main factor to watch early in the month is the US midterm elections, scheduled for 3 November. A shift in control of Congress could alter the outlook for the crypto regulatory agenda, which advanced under the Trump administration. The possibility of a fresh escalation in the conflict between the United States, Israel and Iran also features among market risks.

US monetary policy is another key point. At its 28 October meeting, the Federal Reserve kept rates between 3.75% and 4%, but signalled that inflation remains elevated. For André Franco, founder of Boost Research, a high-rate environment makes it even more important to select cryptocurrencies with solid fundamentals and genuine value generation, rather than projects that depend exclusively on new investor inflows.

The view is shared by Guilherme Fais, Latin America chief financial officer at Bybit. According to him, the market remains sensitive to economic expectations and changes in global liquidity, even as institutional participation grows. Pedro Fontes, a research analyst at Mercado Bitcoin, notes that November could offer opportunities in assets that manage to convert growth in their operations into demand for their own tokens.

Among the cryptocurrencies cited in the analyses, Hyperliquid, NEAR Protocol and Uniswap stand out for their revenue-generation models and specific catalysts. Other projects tied to artificial intelligence, tokenisation and financial infrastructure also feature on the radar.

Here are the cryptocurrencies analysts are backing for November:

Hyperliquid (HYPE)

Hyperliquid once again appears as one of the top picks for November, cited by André Franco, Mercado Bitcoin and Bybit. The platform is a decentralised exchange specialising in perpetual futures contracts, allowing trading of cryptocurrencies as well as traditional assets such as oil, gold, equities and indices.

For André Franco, the project's main edge lies in the combination of revenue generation and market expansion. In October, Hyperliquid made the first payment under its buyback mechanism funded by yield from USDC reserves deposited on the platform, moving US$14.6 million, above initial estimates.

The thesis for November now centres on broader institutional access. In late October, Intercontinental Exchange (ICE), the parent of the New York Stock Exchange, announced a partnership with Trade[XYZ], one of Hyperliquid's leading operators, to develop a regulated venue for trading perpetual contracts in the United States, subject to approval by the CFTC.

The initiative envisages round-the-clock trading of assets such as equities, indices, commodities, foreign exchange and cryptocurrencies. According to Franco, Trade[XYZ] has already accumulated more than US$650 billion in trading volume in just over a year, and the announcement sparked a gain of close to 17% in HYPE.

Fontes also highlights the protocol's buyback model. Over the past 30 days, around US$63.9 million was used to buy HYPE on the open market, while cumulative buybacks have surpassed US$1.39 billion. The logic is that the higher the volatility and trading volume, the greater the revenue available to purchase the token.

Guilherme Fais, of Bybit, also includes Hyperliquid among the projects to watch in November, highlighting its progress in the decentralised derivatives market. The executive notes, however, that a protocol's operational growth does not necessarily translate into immediate gains for its token.

Among the main risks for HYPE is the scheduled unlock of 9.92 million units on 6 November, worth approximately US$900 million. That volume significantly exceeds the protocol's monthly buyback capacity and could weigh on the price if a sizeable portion is sold.

NEAR Protocol (NEAR)

NEAR Protocol features among Mercado Bitcoin's top picks for November, boosted by a combination of artificial intelligence, interoperability and revenue generation within its ecosystem.

The asset has gained roughly 213% in 2026, according to the firm's analysis, driven mainly by the project's pivot towards artificial intelligence applications. After a correction of around 20% from its annual high near US$6, Fontes considers the token's risk-reward profile attractive.

One of the main drivers of this expansion is NEAR Intents, a system that enables operations across different blockchains within a single transaction. Volume routed through the tool rose from US$2.4 billion in July to US$4.8 billion in September, totalling US$10.4 billion for the third quarter.

This growth matters for the valuation thesis because part of the fees generated by the service is used to buy back NEAR on the market, linking infrastructure usage to token demand.

Another relevant front is NEAR AI Cloud, a platform offering processing for artificial intelligence models with privacy features. The technology has already been integrated with OpenRouter and the Brave browser, allowing the use of AI tools without exposing user data.

According to Fontes, more than 1 million NEAR tokens have already been locked in staking to obtain credits for using these services. In this way, the token also functions as a payment instrument for using the AI infrastructure.

The project is also discussing a proposal to gradually reduce annual token issuance from 2.5% to 1.6% over two years, a measure that could ease supply pressure.

Despite the positive factors, Fontes notes that the year's gains have been substantial and that the Intents system suffered a US$3.8 million attack in October. The proposal to cut issuance also still depends on validator approval.

Uniswap (UNI)

Uniswap was also chosen by Mercado Bitcoin as one of the cryptocurrencies to watch in November, mainly for the expansion of its revenue-generation and token-burning mechanisms.

The platform is one of the sector's largest decentralised exchanges, allowing cryptocurrency trading directly between users through liquidity pools, without the need for centralised intermediaries.

According to Fontes, UNI is among the few assets still up in 2026, even as Bitcoin posted losses over the period. Even so, the token has corrected around 33% from its September high of US$10.94.

The main thesis rests on the link between protocol activity and token supply. Since December 2025, part of the fees charged on transactions has been used to buy back and burn UNI, permanently removing units from circulation. By October, around 113.2 million tokens had been burned, equivalent to 11.3% of total supply.

Fontes also notes that Uniswap generated US$123.8 million in fees over the past 30 days, reinforcing its position among the sector's most economically active protocols.

Two developments announced in October could expand this revenue further. The first was the launch of Aggregator Hooks, a tool that sources liquidity from seven competing platforms, including Curve and PancakeSwap, while still charging fees through Uniswap.

The second was integration with Ondo Finance's expansion on the Robinhood Chain, which began offering 15 tokenised stocks and ETFs with liquidity pools on Uniswap. For Fontes, this move could benefit the protocol as the trading of traditional assets on blockchain gains scale.

The main risk is that a significant share of this revenue depends on growth in operations on the Robinhood Chain. A slowdown in trading volume for tokenised equities could reduce the pace of UNI burns.

Other cryptocurrencies to watch

Besides the three main highlights, Quant, Injective, Aave, XRP, Ondo Finance and Zcash also feature in the analyses for November, each with its own specific catalysts.

Quant (QNT) was selected by Mercado Bitcoin for its role in connecting traditional banking systems with blockchain. The main highlight is the adoption of its Overledger technology by The Clearing House, a company controlled by major US banks and responsible for settling more than US$2 trillion daily, to run interoperability for a tokenised deposit network. The first institutions are expected to begin preparations in the first quarter of 2027, with real transactions anticipated for the second quarter. Fontes notes, however, that it is still unclear how this use of the technology will translate into demand for the QNT token.

Injective (INJ) also features in Mercado Bitcoin's selection, after being the only cryptocurrency in its October portfolio to close the month higher, gaining 4.6%. The blockchain is geared towards financial applications and tokenisation, and gained attention after its institutional division obtained transfer agent registration with the SEC. The project also has three ETF applications under review in the United States, alongside token-burn mechanisms tied to tokenised equities.

Aave (AAVE) was chosen by Marcelo Person, Crypto Treasury & Markets Director at Foxbit, for its established position in the decentralised lending market. The protocol enables credit operations collateralised with crypto assets and has been exploring the use of tokenised assets as collateral. According to Person, the evolution of deposits, loans and protocol revenue will be a key indicator for November, especially in an environment that favours projects with concrete financial applications.

XRP also features in Foxbit's selection, driven by the development of new XRP Ledger features and the progress of the RLUSD stablecoin. Marcelo Person highlights in particular the possibility of expanded lending services on the network, which could strengthen its institutional use. The evolution of XRP-linked financial products and investment flows will be important in assessing its performance.

Ondo Finance (ONDO) was cited by Guilherme Fais, of Bybit, as one of the leading representatives of traditional asset tokenisation. The project aims to bring conventional financial instruments onto blockchain, enabling trading on digital infrastructure. For the executive, this segment's expansion deserves attention, though technological progress does not guarantee an immediate gain for the token.

Zcash (ZEC) was included by André Franco as a bet tied to a specific technological event. The NU7 upgrade is scheduled for 5 November and is expected to cut the interval between blocks from 75 to 25 seconds, speeding up payment confirmation. The change also alters fee distribution and disables an older privacy structure on the network.

The analyst notes, however, that part of the expectation may already be priced in following confirmation of the upgrade. The project also faces regulatory risks, particularly in Europe, where new anti-money-laundering rules could restrict the trading of cryptocurrencies with transaction-shielding mechanisms.

The stablecoins USDT and USDC were also mentioned by Guilherme Fais, though serving a different function from the other cryptocurrencies. For the Bybit executive, these assets can serve as tools for liquidity management and dollar exposure, particularly in Brazil, amid fiscal and currency uncertainty after the elections. He notes, however, that a stronger dollar does not necessarily mean higher demand for stablecoins, and that trading volumes need to be monitored to confirm such a trend.

Bitcoin, Ethereum and Solana

Even with the focus on projects with their own catalysts, Bitcoin, Ethereum and Solana remain among the main assets tracked by analysts for November. Bitcoin continues to serve as the market's benchmark for liquidity and confidence, especially after showing greater resilience than altcoins during October's correction. Marcelo Person, of Foxbit, notes that ETF flows, US inflation and rate expectations for December should determine the asset's behaviour in the final stretch of the year.

André Franco also keeps Bitcoin on his list, but warns of the importance of holding the US$79,000 region. Losing that support could put US$77,000 back in play, while a recovery to US$84,800 would open the way for a fresh test of resistance at US$87,400. The analyst also flags the US elections and the SEC's decision on crypto ETF options, due on 11 November. Guilherme Fais, of Bybit, reiterates that BTC's ability to hold current levels will be important in determining the behaviour of the rest of the sector.

Ethereum remains a central piece of decentralised finance, stablecoin and tokenisation infrastructure, but enters the month after a sharp drop in October. Fontes notes that 43.8 million ETH are locked in staking, a record equivalent to 35.9% of supply, reducing the amount of coins immediately available. Person also points to the network's technological progress as a relevant factor, particularly the next steps of the Glamsterdam upgrade. André Franco, by contrast, dropped the asset from his list after tests of the upgrade suffered delays, weakening the catalyst originally expected.

Solana rounds out the group of major cryptocurrencies tracked for November. Person highlights the development of Alpenglow, an upgrade that significantly cut transaction finality times, alongside growing institutional interest in SOL-linked investment products. Guilherme Fais also cites the network for its expansion across different applications and its growing ecosystem. The combination of technological progress and institutional demand is expected to help shape the asset's performance, though the market environment still calls for caution.

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