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These are the Altcoins that have outperformed the rest of the market including Bitcoin (BTC) in the past week as the DeFi craze gains steam.
Altcoins have started to record large gains across the board. Some small-cap coins have seen triple-digit percentage gains in recent weeks.
But several larger-cap cryptocurrencies have also been posting serious gains such as VeChain (VET), Stellar (XLM), Cardano (ADA) and Chainlink (LINK).
In the past week, VET, XLM, ADA, ALGO, LINK, BSV, ATOM, XRP, CRO and ETC outperformed the rest of the market including Bitcoin, which gained just 1.13% during the period.
Since March, both Bitcoin (BTC) and Ether (ETH) recorded gains of over 150%, reportedly fueled by a surge in retail demand as well as institutions.
Following the strong recovery of the top two crypto-assets, the momentum of many altcoins began to increase, particularly following the Bitcoin halving in mid-May.
VET ranked as the third-best performing crypto asset of the week. Some speculate that the participation of the VeChain team at a major conference might indicate a product announcement.
Others believe the rally derives from the anticipation of a potential Coinbase listing.
On June 11, Coinbase said that it is reviewing VeChain along with 19 other cryptocurrencies.
Mentioning VeChain, the exchange said:
“Today we’re announcing that we are exploring the addition of a range of new assets. As part of the exploratory process customers may see public-facing APIs and other signs that we are conducting engineering work to potentially support these assets.”
Stellar and Cardano are set to see major protocol updates, with Cardano’s hard fork scheduled to activate on July 30.
The hype around protocol upgrades and new product releases have buoyed the sentiment around top cryptocurrencies in recent weeks.
Other crypto assets, like Chainlink, for instance, have recently surpassed their record highs after a strong month in June.
The interest around LINK increased after it entered a price discovery phase.
Price discovery is a technical term for when an asset surpasses its all-time high into uncharted territory.
In other trending Bitcoin News today:
84% of Crypto Twitter Is Buying or Holding Bitcoin, Boosting Bull Case
There have been many analysts over recent weeks arguing that Bitcoin is clearly at a market top.
One trader commented that the cryptocurrency is trading in line with a textbook “distribution” pattern.
“A couple more clues developing that lend themselves to HTF distribution. 1. Rising Demand on the verge of failing. 2. Side by side, ascent vs descent with selling the dominant pressure from volume,” a trader said on the matter.
Yet data shows that long-term investors are unfazed. Namely, a majority of respondents to an impromptu Twitter poll has revealed that they’re still long on Bitcoin.
On July 9th, pseudonymous BTC analyst “PlanB” conducted a poll via his Twitter account, followed by over 100,000.
He asked his followers — which represent a good portion of Crypto Twitter — if they’re holding, buying, or selling Bitcoin.
The impromptu poll, which reached over 13,800 individuals, found that 65.6% of respondents are currently holding Bitcoin. 18.3% of the respondents are buying the cryptocurrency at the moment. And a mere 3.9% of the respondents are currently selling BTC.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
These Altcoins Are Poised to Outshine Bitcoin (BTC), Reports Crypto Intelligence Firm
84% of Crypto Twitter Is Buying or Holding Bitcoin, Boosting Bull Case
https://cointelegraph.com/news/new-altseason-visualized-top-10-cryptos-outperforming-bitcoin
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Hamster Kombat Futures Price Drop Reflects Market Adjustments
The futures price of Hamster Kombat, a popular electronic trading asset, has experienced a significant drop in recent trading sessions. Market analysts have pointed to a combination of factors contributing to the sudden decline, which has sparked discussions among investors and traders about the future of this highly volatile asset.
Hamster Kombat has been a favorite among speculative traders, known for its rapid price fluctuations and high trading volumes. The recent decline in its futures price marks a notable shift in the market sentiment, which had previously seen a bullish trend in this asset class. The drop has been attributed to a mixture of broader market adjustments and specific developments within the trading environment.
One of the primary factors influencing the price drop is the ongoing recalibration of the electronic trading ecosystem. Market participants have been adjusting their positions in response to changes in liquidity and market-making activities, leading to increased volatility. The shift in trading volumes, along with heightened scrutiny from regulatory bodies, has also played a role in the downward pressure on Hamster Kombat futures.
Additionally, the asset’s price has been influenced by technical factors, including changes in trading algorithms and the recalibration of risk models by major market participants. These adjustments have resulted in a re-evaluation of the asset’s risk profile, prompting some traders to reduce their exposure.
As the market continues to react to these developments, the future of Hamster Kombat futures remains uncertain. Traders and analysts will be closely monitoring the situation to gauge whether this price drop represents a short-term fluctuation or a more prolonged trend.
