Slump in Crypto Price Today! Can Altcoins Trigger a Recovery?

The cryptocurrency market is facing a challenging period. In the last month, Bitcoin and Ethereum, the top two cryptocurrencies, have seen declines of 1.9% and 11.1%, respectively. This has led many investors to question whether a recovery is on the horizon. Although there’s hope for a market upturn, the charts for these leading cryptocurrencies haven’t yet shown strong signs of improvement. However, there’s a new glimmer of hope with the rise of some promising altcoins.

Could these altcoins change the industry’s fortunes? Let’s take a closer look.

Altcoins on the Rise

While Bitcoin and Ethereum are struggling, certain altcoins are showing impressive growth. This trend was highlighted by Santiment in a recent post on X, which drew attention to the positive movement of specific altcoins despite overall market uncertainty. According to the post, despite widespread fear, some altcoins are driving the market upwards.

Top Altcoin Performers of the Week

According to the post, Fellaz, Fantom, Fetch.ai, Dfinity, Sui Network, Optimism, and Toncoin are the top Altcoin performers of the week. Fellaz, Fantom, and Fetch.ai have recorded gains of 23%, 21%, and 20%, respectively. Meanwhile, Dfinity, Sui Network, Optimism and Toncoin have reported a rise of around 15% each. 

Altcoin Market Overview

Last week, the total market capitalization of cryptocurrencies, excluding the top ten, was approximately $177.349 billion. It has now increased to $193.53 billion. This rise is evident from the market’s formation of six consecutive green candlesticks since September 7.

The stronger performance of these altcoins compared to Bitcoin and Ethereum is an interesting development. The key question is whether this momentum from altcoins can compensate for the lackluster performance of the top cryptocurrencies.

What do you think?

Also Read: Global Crypto Adoption Index 2024: India and CASO Nations Outshine the World