Four Crypto Assets Soar 100% or More in Just One Week As Ethereum Leads Altcoin Bounce
A number of altcoins are showing signs of life in the last seven days, with Ethereum breaking away from Bitcoin.
Ethereum, the largest second cryptocurrency by market cap, has rallied 12.52% in the last week, according to CoinMarketCap. In the same timeframe, Bitcoin has shed 0.35%.
One of the best-performing altcoins of late is Axie Infinity (AXS), a blockchain-based game that allows players to collect, breed, raise, battle and trade collectible digital creatures.
In the past week, AXS has rallied from a seven-day low of $5.20 to a new all-time high of $13.59, marking a surge of over 161%, according to CoinMarketCap.
Another surging altcoin is KCS, the native asset of crypto exchange KuCoin. KCS has climbed from a seven-day low of $6.86 to as high as $14.47, representing an increase of over 110% in just one week.
The third crypto asset that’s making strides this week is cross-chain decentralized finance platform Alpha Finance (ALPHA). The altcoin has risen over 114% from a seven-day low of $0.41 to $0.88.
Next up is Perpetual Protocol (PERP), a decentralized platform that offers perpetual contracts (a derivative without an expiry date) for every asset. PERP is up 112% in the last seven days from a low of $5.59 to a high of $11.86.
Other altcoins are also flashing signs of bullishness as Bitcoin continues its sideways trading.
Many coins in the decentralized finance (DeFi) sector have also bounced, with the strongest crypto assets up 50% or more in the past week.
Although many altcoins are witnessing a bounce, most assets remain well below their all-time highs – and if Bitcoin moves to the downside it’s likely to take the rest of the market along with it.
The bullish activity in altcoins comes as the total market cap of all cryptocurrencies rose from $1.39 trillion on July 2nd to $1.53 trillion today for a 10% increase.
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