Altcoins

Ethereum Classic (ETC), Filecoin (FIL) & Lido Dao (LIDO) OutPerform Bitcoin Leading The AltSeason

Written by: Elena R

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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Aug 3, 2022

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The world’s first cryptocurrency, Bitcoin has yet again lost its $23,000 price range as the currency is hovering around the $22,000 price area. At the moment, Bitcoin is trading at $22,943 with a fall of 0.29% in the last 24hrs.

However, Ethereum Classic (ETC), Filecoin (FIL), and Lido Dao (LIDO) have surpassed Bitcoin and other cryptocurrencies. These three coins are leading the altcoin rally.

According to Arcane Research data, as the crypto market stepped into the recovery phase, on average the altcoins have gained 40% in the month of July.

During the same timeframe, the assets that are still in their developing stage have witnessed the evolution of two important areas such as decentralized finance (DeFi) and non-fungible tokens (NFTs).

The chart below suggests how the bull run was positive for those currencies that have mid-cap cryptocurrencies.

The recent crypto market rally had a positive impact on Ethereum while posing a threat to market shares of Bitcoin and stablecoin shares. The research data by Arcane Research suggests that Ether’s market share has seen a rise of 0.43%, while Bitcoin lost 0.22% of its market share. 

Ethereum Merger To Leave A Positive Impact?

While the excitement around the upcoming merge hovers, the environment around Ethereum is not that favorable. The merger will see a combination of both proof-of-work and proof-of-eqq

Other altcoins like Lido Dao and Ethereum Classic will see a positive impact on their respective Blockchain.

Particularly, the Ethereum Classic price has a positive result as this will act as a bullish outcome for the price action

On a wider aspect, the altcoins are expected to continue with the surge at least till the merger is completed. Among many users, one of the users is of the opinion that cryptocurrencies will be positive in terms of environment, social, and Governance. This event will help to gain the trust lost by institutioNS.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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