5 Altcoins that have grown exponentially over the past weekend

Manu Shankar November 13, 2023November 13, 2023 1 Comment Algorand, Altcoins, Bitcoin, Crypto, Cryptocurrencies, cryptocurrency, Immutable X, Rally, Solana, The Graph, Yearn Finance

Solana (SOL), Yearn Finance (YFI), Immutable (IMX), The Graph (GRT) and Algorand (ALGO) were the top-performing altcoins of the week.
As a result, these bullish trends have reached $1.41 trillion, with a total crypto market volume of $48.3 billion over the last 24 hours, according to CoinMarketCap.
At the time of writing, the altcoins market cap had reached $687.68 billion, according to BTCtools.

Altcoins have been on a bullish ride. Ever since the crypto market witnessed a price rally, altcoins, too, have witnessed an uptick. Although the prices of the altcoins were primarily due to the rally that Bitcoin witnessed, they are now holding their fort, raising expectations of a bull run.

As a result, these bullish trends have reached $1.41 trillion, with a total crypto market volume of $48.3 billion over the last 24 hours, according to CoinMarketCap. This has resulted in the crypto market being painted by a wave of green, with many market experts terming that the Altcoin season — or altseason is pretty much back in the fray.

The alt season is a term used to measure the rally of the altcoins and the positive increase in the total market cap of the altcoins. At the time of writing, the altcoins market cap had reached $687.68 billion, according to BTCtools. If this sustains, we may see altcoins back in action, resulting in further crypto market cap swelling. Amidst this, let’s look at these 5 altcoins which have outperformed others on the market.

Solana (SOL)

Solana’s native token, SOL, has been on its golden run. The 6^th-ranked token is back in the fold of seeing green following its 45.6% gain over the past week. This is Solana’s first witnessed such a huge rally post-May 2022. SOL’s rally was mainly based on continuous token selling following the FTX’s bankruptcy news. The Delaware Bankruptcy Court approved the sale of the failed exchange’s assets, which included 55.75 million SOL, in September 2023.

A look at the chart will indicate a renewed interest in the token. The market participants are keen to cash in on this bullish trend, with the 14-day RSI being lined up at 51.94 at the time of writing.

The RSI had touched almost 80 at one point of time last week amidst the news breakout. But now, it has dropped amidst news of FTX ex-execs planning to set up their exchange within a year.

Image Credit: Trading View

Even the MACD indicator shows more sellers in the market than the buyers now. The trend line indicated in red is slightly above the blue line, demonstrating the same, showcasing that market participants are looking to take advantage of the situation by following this trend.

At the time of writing, the Solana token was trading at $58.31 with a total trading volume of $2,55,48,73,430 in the past 24 hours, according to CoinMarketCap. The token, however, was witnessing a lull as it was down by 4.93% with a circulating supply of 42,21,65,081 SOL coins.

Yearn Finance (YFI)

Yearn Finance was another token that witnessed significant growth over the past week. The token has grown by 63.4% over the past week, taking its price to $9,696.34 in the past 24 hours, according to CoinMarketCap.

After dipping to a yearly low of $4,500, the price of YFI/USDT has struggled mainly until now. But with the crypto market being bullish, the price has witnessed a rise resulting in the price rise.

Image Credit: Trading View

A look at the chart would indicate renewed interest, with the RSI holding fort strong at 54.82, indicating the buyers are active in the market.

This is reflected even in the MACD indicator, where the trend line indicated in blue is above the signal line marked in red, indicating that the momentum may rise further for the market.

Immutable (IMX)

Another token which has witnessed a significant 25.3% rise is the Immutable (IMX) token. This rally indicates that the bulls are making a solid comeback with an annual gain of over 169.9%, according to CoinGecko.

IMX benefitted from the news of the Bitcoin mining revenue hitting a yearly high and the widespread excitement surrounding the possible approval of a U.S. spot Bitcoin ETF by the U.S. Securities and Exchange Commission.

Image Credit: Trading View

The IMX token’s continuous momentum pushed the token’s RSI to 50.07 at the time of writing. But, the token’s overbought position indicates a possible price correction, so investors must be careful while making critical decisions.

The MACD recovery shows a slight drop as the sellers hold ground to see how and where the market is heading in the current week. At the time of writing, the token was down by 1.11% and was trading at $1.11. The 45^th-ranked token enjoyed a volume of $9,19,38,326 and had a circulating supply of 1,25,17,98,947 IMX coins.

The Graph (GRT)

Another token that has witnessed a spike over the past week was The Graph token. The GRT token had been steadily showing signs of improvement amidst the positive market movement but was waiting for that breakout moment.

However, the rumours of the ETF approvals by the SEC managed to cut some losses the token had incurred over the past year or so. At the time of writing, the GRT token was trading at $0.133470 with a 24-hour trading volume of $8,24,96,025, according to CoinMarketCap.

Image Credit: Trading View

The 14-day RSI of the GRT token stood at 53.23, indicating that the buyers have been hyperactive in the GRT token and are on a massive buying spree after the FTX bankruptcy. Even though the prospective buyers are wary of the course correction, the market participants want to cash in on the occasion before it eventually happens. To kick in and take advantage of the situation.

Although the MACD is showcasing a slight movement with the MACD line rearing its head ever so slightly, according to CoinGecko, the token has managed to gain over 14.5%, and its investors will be hoping in the same results could replicate the token’s forthcoming performances as well.

Algorand (ALGO)

Algorand has been in the thick of things of late. The smart contract platform employing the Proof-of-Stake (PoS) consensus mechanism has showcased notable progress in the year’s third quarter (Q3).

ALGO’s interest has been mainly on the back of the Messari report, which indicated that the token has garnered a significant increase of 321% in NFT-related transactions compared to the previous quarter.

But the price performance-wise, the token has shown signs of revival courtesy of a rally of 10.1% over the past week. The buyers seem to be reentering the market now, as ALOGO’s RSI stood at 53.92 at the time of writing.

Image Credit: Trading View

The MACD chart, too, indicates the movement upwards, with the worm showing that momentum is back in the token. At the time of writing, ALOGO’s price was trading at $0.1388 with a total volume of $8,55,31,457 over the past day. The 54^th-ranked token holds a live market cap of $1,10,89,40,142 with a circulating supply of 8,00,11,57,195 ALGO coins.

Conclusion

While there seems to be renewed interest in the altcoins, it’s important to note that prices of the tokens often fluctuate randomly and are subject to market risks as well. Therefore, it’s essential to do proper research before entering the market. Any decision taken without adequate research could result in financial losses.