Altcoins are digital currencies that operate independently of Bitcoin, often using their own blockchain and protocol rules. They offer investors a chance to diversify away from the volatility of BTC and ETH and potentially discover hidden gems that could benefit from rapid price appreciation. All this without having to worry about the legal implications of investing in cryptocurrency coins or tokens.
New Years Parties May Have Ended, But Altcoins Haven’t
Solana is leading the pack of altcoins with a soaring 14% increase in price since the year began, followed by Ethereum Classic ETC, NEAR Protocol, and Lido DAO who all saw double-digit increases. Meanwhile, Bitcoin and Ethereum are slowing down after booming for much of the first days of the new year.
Despite BTC and ETH slowing their growth, other altcoins have been picking up the pace. These coins have been gaining in popularity as more investors are looking for new opportunities to diversify their portfolios, and take advantage of the potential benefits altcoins offer.
Despite Bitcoin’s battle to stay above the $17k mark, altcoins have been on a steady rise. Thus proving that although BTC may not be seeing movement, there is still potential for growth in cryptocurrency assets.
It is worth to mention these altcoins have seen some 7-day altcoin breakouts that resemble some of the same kinds of returns that we saw back when life was good in the crypto world. With Ethereum Classic, the popular grandfather of altcoins, still up 13.69% in the last 7 days and leading decentralized exchange Uniswap making a run for the top it is clear that some of these coins are still trading at remarkable levels.
These tokens namely: Solana ($SOL) +40%, Lido Dao Token ($LDO) +42%, Bitdao ($BIT) +41%, Aptos ($APT) +21%, and Ethereum Classic ($ETC) +14% have seen up to 15x returns in the past 7 days.
Keep an eye on the red social dominance line for SOL, as a spike would demonstrate that people are starting to recognize its resurgence. It’s best if volume continues climbing but conversations remain hushed. Currently, it is being heavily shorted in perpetual contracts which bodes well for prices continuing their rise. Ethereum Classic is also experiencing an exceptional rally with strong trading volume. Not to mention that traders on exchanges are shorting the cryptocurrency heavily.
As investors look for new opportunities to diversify their portfolios, the future of altcoins looks very promising. With Ethereum and Bitcoin slowing down, these altcoins could be a great way to benefit from some fast-paced growth in the cryptocurrency markets.
