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Friday, May 19, 2023

Altcoins Soar While Bitcoin Looks For Support

The market of cryptocurrency went into a period of uncertainty, except altcoins, with the Bitcoin price struggling to hold on to a momentum below $46,000. The situation was also hampered with large-cap altcoins like Arweave pulling back slightly.

Interestingly, quite a few projects managed to pull on the trend whole posting gains in the double-digit which was entirely due to cross-chain integrations along with protocol upgrades. This rather excited the respective communities while providing traders with a far lower Ethereum network fee. 

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According to data that was received from TradingView and Cointelegraph Markets Pro, the biggest gainers over the last 24 hours have been several altcoins, like Arweave, Quant, and Avalanche, while Bitcoin suffered a loss of momentum- something that definitely put the crypto sector out of its homeostasis. 

Altcoins Rushing Forward

One of the altcoins, Arweave, has been one of the top-performing token currencies over the last week, with the activity on the decentralized storage network setting new highs in its everyday transactions. According to the VORTECS data provided by Cointelegraph Markets Pro, insiders have been able to detect a bullish outlook for the token currency on the 14th of August- which was before the current rise in price. 

Quant has also made its mark amongst altcoins, as it specializes in optimizing interoperability across different blockchain networks. On the 18th of August, the token of QNT posted its second-largest gain which was highlighted by Cointelegraph Markets Pro. The data from TradingView has displayed that the currency rallied upwards by around 33% after hitting a low of $149.61 on the 17th of August. 

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In a recent report, several altcoins like Avalanche, Aave, and Curve have partnered together to create a liquidity mining incentive worth $180 million- which has been called the Avalanche Rush. 

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