Markets
These Alts Are Outperforming The Crypto Market Recovery
As the cryptocurrency market looks to recover from a a few treacherous weeksaltcoins have made a healthy recovery.
Most notably, the Layer 1 network Sui rose 5.3% on the day to $0.72 as the crypto lending protocol Aave rose 4.5% to $86.60.
This comes after significant selling pressure has built up in the market in recent weeks. German government began unloading more than $3.5 billion worth of Bitcoin seized as a result of criminal proceedings. During this, the now-defunct exchange Mount Gox is preparing to return billions in Bitcoin to its creditors.
As a result, there was blood in the streets of the cryptocurrency market with Bitcoin Value falling to $58,700 from last month’s price of $69,400, according to CoinGecko, a drop of more than 15%. And as is usually the case, what’s bad for Bitcoin causes the prices of altcoins and the rest of the market to fall.
But the altcoin market is recovering as the top two cryptocurrencies offer middling gains. Bitcoin Price gained 0.8% while the Ethereum Price rose 1.7%.
In contrast, Ethereum Virtual Machine (EVM) blockchain Know rose 2.9% to US$0.32 phase two of its mainnet beta goes live. This project aims to “accelerate the Ethereum ecosystem,” saying it provides a low-latency, censorship-resistant space for developers to build on.
Meanwhile, the decentralized AI project Bittensor (TAO) at one point this morning was the best performing of the top 100 crypto assets by market cap this morning after having jumped 11.2% in the last 24 hours. But it has since settled down to a modest 0.4% gain and a price of $262.33. This comes after Masa, a decentralized AI network, announced the launch from your AI data subnet on Bittensor.
Arbitrum’s ARB also rose 4.9% on the day, Avalanche’s AVAX rose 3%, and Optimism OP increased by 8%.
As this altcoin rally progresses, most blue-chip tokens have failed to post similarly impressive gains. Most of the top 10 cryptocurrencies are up less than 1%.
Edited by Stacy Elliott.