The cryptocurrency market succumbed to selling pressure, losing nearly $80 billion in market capitalization (which represents a 4.9% drop) in the past 24 hours. Bitcoin (BTC) extended its price drop on Wednesday to lows of $55,400 while Ethereum retested lows at $1,929. Despite the market plunge, selected tokens such as XRP, Solana, Ethereum classic, Celsius, Qtum, and Bitcoin Gold rallied to new highs.
Why Are These Altcoins Rallying?
The price of XRP has surged tremendously, attaining yearly highs of $1.14 on Apr. 6 for the first time since March 2018. XRP has subsequently reclaimed the 5th spot after its market valuation recovered to around $41 billion.
From a technical point of view, analysts deem that XRP’s breakout has long been overdue after an overstretched consolidation. Analysts at Santiment also noted that the social volume of XRP has been surging alongside other digital assets.
The progress made so far in the Ripple lawsuit also contributed to the surge in XRP price. Ripple (XRP) holders have been allowed to file a motion on their behalf to intervene in the SEC’s ongoing lawsuit. Also, Ripple has been granted access to the US SEC documents “expressing the agency’s interpretation or views” on the subject of crypto assets.
XRP is trading presently at $0.951 after a retreat from its yearly highs.
The Solana protocol is designed to facilitate decentralized app (DApp) creation while striving to improve scalability. SOL, the native token of the Solana blockchain has been in an uptrend since February. On April 7, Solana reached an all-time high of $27.36 after a new partnership in collaboration with FTX and Miami HEAT basketball.
Solana was chosen to be the blockchain for Serum, a new decentralized derivatives exchange built by FTX while the latter remains in partnership with The Miami HEAT basketball team. Solana’s price is up 19.09% in the past 24 hours.
Celsius (CEL) claims to be an all-in-one banking and financial services platform for cryptocurrency users. recently, the lending platform was awarded “best cryptocurrency wallet” at the fifth-annual FinTech Breakthrough Awards.
Amid the crypto market weakness, Celsius rose to all-time highs of $7.57 on April 7 as deposits, revenue, and users on the platform have seen a dramatic increase. Celsius native CEL token is presently valued at $7.53, having gained nearly 15% in the last 24 hours.
Qtum is a proof-of-stake (PoS) smart contract blockchain platform that aims to bring together the strengths of Bitcoin and Ethereum in one chain. Recently, the blockchain platform announced a partnership with the Swedish-based initiative Vaccine Forward to help bring vaccines to the world. The goal of the partnership was to raise $2 billion to speed the vaccination process through some of the world’s poorest countries. The expansion of Qtum’s ecosystem has also contributed to its token rise. Recently, QTUM announced its resolve to provide Filecoin with smart contracts capabilities through the Qtum network. Qtum is up 7.09% in the last 24 hours at a present price of $15.61.
Bitcoin Gold (BTG)
Bitcoin Gold was forked from Bitcoin in 2017 to resolve its distribution issues. Bitcoin Gold is one of the few digital asset tradings in green while registering a breakout to fresh highs of $100.
Bitcoin Gold entered a bear market after reaching all-time highs of $539.72 in October 2017.therefore the rally to fresh highs on Apr .7 was mostly technical, not too many fundamentals. Bitcoin Gold has been gaining renewed strength in its bitcoin pairing while resolving to break out of its yearlong downtrend marked consolidation bout.
Ethereum Classic (ETC)
Ethereum Classic (ETC) is a hard fork of Ethereum (ETH) that launched in July 2016. Social metrics for Ethereum classic are on the rise as LunarCrush stated on April 6 ‘Ethereum Classic Bullish Sentiment is up 246.8% today on 870 total social mentions as price moves up +21.8% to $18.74’.
At end of March, Ethereum Classic’s team tweeted that Grayscale Investments, a part of the Digital Currency Group, added nearly 161,612 ETC to its coin holdings. Ethereum classic also recently launched Mantis, touting it as Security and Stability for ETC. ETC presently trades at $18.65.
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