At present, the cryptocurrency industry is facing challenging times. Over the last 30 days, the top two cryptocurrencies, Bitcoin and Ethereum, have experienced dips of 1.9% and 11.1%, respectively. With the current crypto prices reflecting these recent losses, many investors are questioning the potential for recovery. Although there is an expectation that the market will witness bullish momentum in the near future, the charts of the top cryptocurrencies have not yet shown any significant signs to support this expectation.
At this juncture, a new ray of hope has emerged with the rise of a few promising Altcoins. Can they overturn the destiny of the industry? Let’s decode what we see in the charts!
Altcoins on the Rise
While the top two cryptocurrencies are weakening, certain Altcoins are showing impressive growth. A post published by Santiment on X initially brought this trend to the notice of crypto enthusiasts. According to the post, despite fear, uncertainty, and doubt in the crypto market, certain altcoins are pushing the altcoin market upwards. The post highlights the impressive performance of a few Altcoins.
Despite Bitcoin’s slight dip to $57.3K and Ethereum’s more significant dip to $2.3K over the past week, altcoins have begun to rally once again. Crowd FUD (Fear, Uncertainty, and Doubt) has played a big factor in many of these projects rebounding with little resistance.
Top Altcoin Performers of the Week
According to the post, Fellaz, Fantom, Fetch.ai, Dfinity, Sui Network, Optimism, and Toncoin are the top Altcoin performers of the week. Fellaz, Fantom, and Fetch.ai have recorded gains of 23%, 21%, and 20%, respectively. Meanwhile, Dfinity, Sui Network, Optimism, and Toncoin have reported a rise of around 15% each.
Altcoin Market Performance: An Overall View
Last week, the overall market cap of total cryptos, excluding the top ten, was nearly $177.349 billion. Currently, it stands at $193.53 billion. The chart indicates that a rise in market cap has been witnessed in the market. The market has formed six consecutive green candlesticks since September 7.
In conclusion, Altcoins performing better than Bitcoin and Ethereum is an interesting trend to watch. The question now is whether this new momentum provided by Altcoins can compensate for the poor performance of the top two cryptos. What do you think?
Also Read: Global Crypto Adoption Index 2024: India and CASO Nations Outshine the World
