The market for altcoins has backed Bitcoin up with a majority of its token currencies in the top 200- going as far as recording double-digit gains. This was established after bullish sentiment returned to the ecosystem of the cryptocurrency sector on the 1st of October after a spike of 10% was witnessed in the Bitcoin price which lifted the entire cryptocurrency token well above a resistance level of $47,500- also resulting in the liquidation of close to $270 million in a multitude of short positions.
According to data received from TradingView and Cointelegraph Markets Pro, it has been seen that the majority of the gainers over the last 24 hours have been the ROSE token of Oasis Network, and the ICX Token of Icon.
Altcoins Gearing Up Strongly After Bitcoin Rises To The Top
One of the altcoins, namely Oasis Network, has been going through quite a bullish outlook for its token currency ROSE- which took place on the 30th of September, well before the recent rise in its prices.
This altcoin is a privacy-enabled blockchain that is specifically designed for the creation of a data economy that is responsible, as well as open finance. The spike in this cryptocurrency comes as most of the compatible networks of Ethereum that are available have been offering far better scalability- outperforming other competitors with their privacy features.
Axie Infinity, one of the other altcoins currently under the spotlight, has also turned into a blockchain-based play-to-earn battling game that provides players with the opportunity to breed, collect, raise, trade, and battle token-based creatures which are known as Axies. This would also allow them to earn an income in the entire process. As reported by Cointelegraph Markets Pro, the market conditions for this blockchain-based game have been pretty favorable over the course of time.
Most of the altcoins have been dealing pretty favorably, with the market cap standing at $2.079 trillion.