Altcoins Rebounding After Rough Start To Week Thanks To Bitcoin Rise
Altcoins showed some resilience this morning as Bitcoin readies for its next level.
Covered:
- Altcoins Rebound
- How Much Of A Rebound Is It?
Altcoins Rebound
Global 24 hour chart. Credit: CoinMarketCap.com
Altcoins rebounded this morning after a not so great start to the week. While Bitcoin reached its 30 day high, the rest of the market lagged behind, except for a few of everyone’s favourite memecoins.
Thanks to a better 24-hour performance from top 10 projects like Polkadot (ticker symbol: DOT)and Cardano (ticker symbol: ADA), the overall market cap has increased 2% since yesterday. The global market cap is in the 2.3 trillion range today.
Ethereum 7-Day Chart. Credit: CoinMarketCap.com
The world’s biggest altcoin, Ethereum (ticker symbol: ETH), is up slightly at 1%. As far as altcoins go, the OG smart contract protocol has been the most stable as Bitcoin continues its rise.
As the chart above shows, Ethereum has steadily made gains the last week. Quietly, ETH is over 20% in the last 7 days. Compare that to Bitcoin, which is getting all the hype, is up over 25%.
Polkadot 24-Hour chart. Credit: CoinMarketCap.com
As far as Altcoins go, Polkadot is leading the way with an almost 10 percent improvement in the last 24 hours. The smart contract protocol is trading in the $34 USD range today. Just last week it was trading as low as $28 USD.
Recommended: What Is Polkadot?
The positive price action for Polkadot comes thanks to some pretty big catalysts. Recently, stock and crypto trading platform eToro added DOT. Earlier this year, eToro celebrated reaching 20 million users. In addition, Polkadot’s canary chain Kusama started its parachain auctions yesterday.
As for Cardano, the Charles Hoskinson-led project is up 5%. The smart contract protocol, which last month finally delivered on its smart contract promise, is trading in the 2.30 range. It’s down from its $3.10 all-time high it reached on September 2nd.
Overall, it’s a strong performance from a crypto project post major catalyst. ADA is only down around 25%. Compare that to Dogecoin, which is down almost 70% since Elon Musk’s SNL appearance.
As far as the rest of the market goes, Shiba INU is still leading the way up another 30%. The Dogecoin by another name is trading in the $0.000032 range.
Altcoins: How Much Of A Rebound Is It?
BNB 24-Hour Chart. Credit: CoinMarketCap.com
Other top 20 altcoins aren’t enjoying the same success as Polkadot and Cardano today.
BNB, for example, is trading flat today. However, like other top 20 projects like Solana (trading flat) and Uniswap (up 2%), BNB showing some strength, bouncing nicely off of yesterday’s low of $425. The exchange coin is currently trading in $440 range.
Overall, altcoins aren’t necessarily booming. Most projects are either up a relatively small amount or flat like the ones above. But, that’s better than what we saw yesterday. For example, Solana fell 6 percent, from $160 to $150 USD, after the boomer casino closed at 4pm EST. It’s a good sign that Bitcoin’s recent success isn’t completely eating away at the rest of the market.
The post Altcoins Rebounding After Rough Start To Week Thanks To Bitcoin Rise appeared first on CryptosRus.
Text source: CryptosRus
