The global cryptocurrency market is booming like never before. It has achieved a market capitalization of $2.243 Trillion and surpassed moguls like Apple, Amazon & Alphabet.
Fueling this massive market pump is the Altcoins with massive price rallies. Some of the leading ones are XRP, Dogecoin, and Vechain. Below is a brief analysis of the reasons behind the massive pump of these altcoins.
Ripple’s native token is currently the fourth-largest cryptocurrency by market cap, the token has witnessed massive growth in the last week, in just the last 7 days it has spiked 74.4% and is still on the rising streak.
The reasons behind XRP Price surge are their two big wins in the lawsuit filed by the United States Securities and Exchange Commission. They have been successful in keeping their Chief executives Chris Larsen and Brad Garlingouse’s personal financial records out of SEC’s purview.
The second one being, finding the documents to support that SEC had previously considered XRP as a digital currency and not a security.
XRP enthusiasts are going hugely bullish after these two positive developments for the token. and the overall altcoin cycle hype is the extra lubricator to the sentiment.
The meme token Dogecoin is back in the forefront again, it is currently the 13th largest cryptocurrency with a market cap above $14 Billion. and has seen a whopping 101.5% growth in just the last 7 days.
The reason behind this pace pick-up and rally is surprisingly not its biggest proponent Elon Musk this time. It is just the Altcoin season peak sentiment and the Dogecoin Whales.
The number of Doge transactions worth above $100K has grown recently and now there have been 1600 transactions hinting at huge whale movements.
The smart contracts platform VeChain has been shooting up high recently and is set to take its place in the top 10 soon. It is currently the 16th largest crypto in the market. And has spiked 28.9% in the last 24 hours itself.
The reasons behind the surge are its effective working product and that it already has Multi-Billion corporations using their protocol. Adding to this is the support from the Chinese government this token has.
In a most recent development, VeChain has announced the implementation of base gas price reduction making the transactions 99% cheaper. This comes while its market peers are like ethereum and have high gas fees problems.
The popular market opinion is that the above-mentioned tokens are going to skyrocket even more in the days to come. The price trajectories are to be watched out for.