Crypto Altcoin Winners | Without a bank

Building strength. While broader crypto alts have struggled for supply since mid-April, many are lighting up the charts green today! Can this rally continue?

GameStop announcement this morning, selling 45 million shares (15% of GME’s current float) may have extinguished the animal spirits of TradFi’s retail participants for the moment, but crypto degens appear to be just getting the party started …

Basics DEGEN MemecoinFarcaster memecoin on Base with its own L3View profile” class=”stubHighlight”>DEGEN memecoin was the best performing token on CoinGecko’s Top 300 Gainers chart, experiencing a healthy percentage pump and gaining 26% on the day.

Although memes have been one of the best performing crypto asset classes throughout 2024, tokens with real fundamentals were also among the top gainers today, with holders of the Solana DePIN MOBILE token seeing returns by 21% and those of LINK, LDO, and PENDLE experience gains in the mid-teens.

However, zooming out beyond the daily price action, it’s clear that these tokens were caught in a downturn when crypto markets flipped in April and persistent red days came to make devastation; despite recent strength, many crypto assets are still underwater.

Source: Trading View

Undeniably, all rallies have to start somewhere, and while broader rallies have largely bled over the past month, BTC’s gains are cause for optimism. The largest crypto asset is up nearly 20% in May and has built on its highs of recent weeks, threatening a breakout to set new all-time highs!

With crypto funding, rates for perpetual swaps are remaining cool and bull-friendly in long positions, it’s certainly possible that longer-tail crypto assets will continue to perform from here as degens become increasingly risky.

TradFi stock indices hit new all-time highs this week, while the 90-day rolling correlation between BTC and tech stocks hit its highest level since August, suggesting crypto and stock prices will continue to rise together if bullish sentiment occurs. is holding.

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