Altcoins
Double-digit Altcoin Rally Sparks Bullish Projections
Crypto assets continue to post gains this week, with altcoins posting double-digit entries. The move follows a resurgence in market forces leading to an increase in market capitalization. While Bitcoin’s market cap is $1.2 trillion, the broader crypto assets stand at $2.34 after posting weekly gains.
Double-digit inflows of most assets into the market come after Fed meeting which left interest rates unchanged. Around social media spaces, crypto users are projecting the start of the bull run, especially for memecoins. However, some users still need to be convinced of recent altcoin flows due to periods of fluctuations.
Solana and Near Protocol Lead Altcoin Leap
Solana (SOL) is up 20.6% this week after a period of weak results. The altcoin’s rise continued over the past 24 hours and is trading at $155. Solana is known for outpacing the market in terms of bull runs based on several factors, including memecoin activity.
Solana Coins are also showing similar figures in the market, with some assets exceeding 50% recovering from weeks of capital outflows. SOL has now narrowed its monthly losses to 15%, with bulls forecasting a broader market rally.
Near Protocol is up 21.57% this week with a 1.6% increase today. Daily asset volumes jumped 8% above 590 million following price growth to $7.49. The jump above 20% in weekly gains triggered short-term trading, indicating an increase in macroeconomic factors. This rally can also be seen in crypto stocks, although most remain in single-digit gains.
Peak other assets
Other altcoins also sparked a wave in the market, leading to weekly showings. Ripple (XRP) is up 7.59% while Cardano (ADA) and Avalanche (AVAX) have gained 3.37% and 4.17% respectively.
Memecoins saw the biggest gains as expected this week due to inflows inspired by a high volatility frenzy. The top memecoins over the past 24 hours are Bird Dog with an 83% gain and FindMe and WSB Coin with 16.6% and 61% inflows, respectively.
Read also: Crypto Market To Recover By End Of May; Here’s what you need to know