While the entire cryptocurrency market has been in a state of confusion since the 31st of January with many traders viewing the weakness of Bitcoin as a sign that the crypto winter is beginning, several altcoins have been sneakily garnering major gains. This has led to increasing news of adoption along with multi-million dollar rounds of financing which continue to make major headlines on a regular basis.
With Bitcoin trading at a price of $38,500, most of the analysts have been highlighting the current price action as a possible buy zone with the bullish sentiment spilling into other cryptocurrency tokens.
Altcoins Gain Big As Bitcoin Falters
According to information from TradingView and Contelegraph Markets Pro, it can be discerned that the biggest gainers over the last 24 hours have mostly been altcoins such as Telos, DerivaDAO, and Bonfida. For the uninformed, DerivaDAO is a decentralized exchange that mostly operates on the network of Ethereum. According to data received from Cointelegraph Markets Pro, the decentralized exchange was going through a pretty bullish outlook for DDX on the 25th of January- much prior to the recent increase in its price.
One of the altcoins which have received major gains has been TLOS, which is a blockchain network created with the software of EOSIO. It is designed to bring up scalability and speed to smart contracts which have been set up for decentralized finance, gaming, nonfungible tokens, and social media. According to data from Cointelegraph Markets Pro, there has been a bullish outlook for DDX on the 28th of January, before the recent price rise.
Bonfida, one of the altcoins which is built on the network of Solana has been the other gainer through it all. This network would be creating a bridge between the Serum DEX and the wider ecosystem of SOLANA.