4 Altcoins Jump +100% in 7 Days As Ethereum Leads Crypto Recovery
Several of smaller crypto assets are showing signs of recovery in the last week or so, with Ethereum leading the way, while Bitcoin is remaining stagnant.
The second largest cryptocurrency by market cap, Ethereum, has gone up 12.52% in the last seven days, according to CoinMarketCap. In the same timeframe, Bitcoin has been moving sideways.
One of the best-performing crypto asset is Axie Infinity (AXS), a blockchain-based game that allows players to collect, breed, raise, battle and trade collectible digital creatures.
During the last 7 days, AXS has gone up from a seven-day low of $5.20 to a new all-time high of $13.59, making over 161% gains, according to CoinMarketCap.
The second soaring altcoin is KCS, the native asset of crypto exchange KuCoin. KCS has gone up 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 3rd altcoin that’s making upward moves this week is cross-chain decentralized finance platform Alpha Finance (ALPHA). The crypto asset has risen over 114% from a seven-day low of $0.41 to $0.88.
The 4th and last altcoin in today’s list 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 showing signs of recovery as Bitcoin continues trading sideways, making predictions of the coins next move very difficult.
Various DeFi assets have also bounced, with the strongest crypto assets up 50% or more in the past week.
Despite many smaller crypto assets are witnessing a bounce, most altcoins 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 recovery 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.
