Markets
These Altcoins Are Outpacing the Crypto Market Rebound
As the cryptocurrency market seeks to recover from a a few dangerous weeksAltcoins have seen a healthy rebound.
More specifically, the Layer 1 network Follow jumped 5.3% on the day to $0.72 as crypto lending protocol Aave climbed 4.5% to $86.60.
This follows significant selling pressure that has been building in the market in recent weeks. German Government began disposing of more than $3.5 billion worth of Bitcoin seized in criminal cases. During this period, the defunct exchange Mount Gox is preparing to return billions of Bitcoins to its creditors.
As a result, there was blood in the streets of the cryptocurrency market with The value of Bitcoin According to CoinGecko, the price of Bitcoin has fallen to $58,700 from $69,400 last month, a drop of more than 15%. And as is often the case, what is bad for Bitcoin causes prices of altcoins and the rest of the market to fall.
But the altcoin market is recovering as the two major cryptocurrencies are delivering average gains. Bitcoin Price gained 0.8% while the Ethereum Price increased by 1.7%.
On the other hand, Ethereum Virtual Machine (EVM) blockchain Sei jumped 2.9% to $0.32 as second phase of its mainnet beta is going live. The project aims to “accelerate the Ethereum ecosystem,” claiming it provides a low-latency, censorship-resistant development space.
Meanwhile, decentralized AI project Bittensor (TAO) was at one point this morning the best performing of the top 100 crypto assets by market cap this morning, after jumped 11.2% over the past 24 hours. But has since settled down to a modest gain of 0.4% and a price of $262.33. This comes after Masa, a decentralized AI network, announced the launch from its AI data subnet on Bittensor.
Arbitration ARB is also up 4.9% on the day, Avalanche AVAX climbed 3% and optimism OP jumped 8%.
While the altcoin rally continues, most blue-chip tokens have failed to post similarly impressive gains. Most of the top 10 cryptocurrencies have climbed less than 1%.
Edited by Stacy Elliott.