Crypto Altcoin Gainers | No bank

Building Strength. While broader cryptocurrencies have struggled to gain a foothold since mid-April, many are lighting up the charts with green today! Can this rally persist?

GameStop announcement This morning, selling 45 million shares (15% of GME’s current float) may have extinguished the animal spirits of TradFi retail participants for the moment, but crypto degens appear to be just getting the party started…

Base DEGEN MemecoinFarcaster memecoin on Base with its own L3View profile” class=”stubHighlight”>DEGEN memecoin was the best performing token of note on CoinGecko’s top 300 gainers chart, experiencing a healthy increase in percentage terms and gaining 26% on the day.

While memes have been one of the best-performing crypto asset classes throughout 2024, tokens with real fundamentals were also in the mix for the biggest gainers today, with holders of the Solana DePIN MOBILE token seeing returns of 21% and those of LINK , LDO, and PENDLE experiencing mid-teens gains.

However, going beyond the daily price action, it is clear that these tokens were caught in a downturn when the crypto markets rolled over in April and that persistent red days arrived to take their toll; Despite recent strength, many crypto assets are still underwater.

Source: Trading View

Undeniably, all rallies must start somewhere, and while broader alts have largely bled over the past month, gains in BTC are sowing cause for optimism. Crypto’s largest asset rose nearly 20% in May and pressed against its highs of recent weeks, threatening a breakout to set new all-time highs!

With crypto finance rates for perpetual swaps are remaining legal and bull-friendly in long positions, there is certainly the possibility that longer-tail crypto assets will continue to perform from here as degens become increasingly riskier.

TradFi stock indexes reached new highs this week, while the 90-day rolling correlation between BTC and technology stocks reached its highest level since August, suggesting that cryptocurrency and stock prices will continue to rise together if sentiment high security.

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