Altcoins
Ethereum Altcoins Outperform Bitcoin Today
Today, the global cryptocurrency market is facing a slight decline, however, some Ethereum-based altcoins stand out with impressive performance compared to Bitcoin amid volatility. While Bitcoin saw fluctuations between $65,937.18 and $67,694.30, with a slight increase of 0.02% in the last day and an increase of 10.12% in the last week, some cryptocurrencies are making notable progress. This article will look at Ethereum altcoins outperforming BTC and their performance.
1. Pendle (PENDLE)
Pendle (PENDLE) is gaining attention for its distinctive method of tokenizing yield. Pendle is now priced at $5.26, showing a 6.55% increase over the past 24 hours and a remarkable 31.39% rise over the past week. This event increased its market value to $809.1 million, with a strong trading volume of $108.2 million in the last 24 hours.
Pendle is a protocol that allows tokenization and trading of future yields. By introducing a new AMM that allows assets with temporal decay, Pendle allows users to have greater influence over future performance by providing choices and opportunities for use.
2. Gnosis (GNO)
Gnosis (GNO) is also one of the Altcoins Ethereum showing notable gains. Trading at $307.83, the token appreciated by 2.11% over the past 24 hours and by 9.65% over the past week. This growth brings its market capitalization to $797.16 million with a trading volume of $18.9 million over the last 24 hours.
Gnosis, (GNO) is focused on building decentralized infrastructure on Ethereum for the Ethereum ecosystem. Founded in 2015, it initially focused on prediction markets but grew to create supporting infrastructure like Gnosis Safe.
Operating as a decentralized autonomous organization (DAO), Gnosis provides infrastructure for decentralized applications and products to guide ecosystem governance. In November 2021, the xDAI and GnosisDAO communities voted to merge, creating Gnosis Chain, a companion to Ethereum that addresses scaling challenges through solid engineering.
GNO’s recent price increase can be attributed to the launch of their updated deposit UI. This new interface includes features such as an automatic claim function, expanded support for additional wallets including WalletConnect and Coinbase.
Wallet and compatibility with Chiado and Gnosis Chain. The update, along with the rebranding of the UI, likely boosted investor confidence and interest in Gnosis, driving the price higher.
3. Chain link (LINK)
Chainlink (LINK) outperforms Bitcoin in terms of performance with a price of $16.94 at the moment. The token saw growth of 2.10% in the last 24 hours and gains of 28.86% in the previous week. Chain link has a market capitalization of $9.9 billion and a 24-hour trading volume of $738.9 million.
Chainlink is a blockchain platform that connects smart contracts to external data sources, events and payment methods through a decentralized oracle network. It enables complex smart contracts by providing information off-chain.
Chainlink is supported by an open source community of data providers, node operators, developers, researchers and listeners, ensuring decentralized participation for all network users.
LINK experienced a price increase following the release of DTCC Report. The world’s largest settlement system, the Depository Trust and Clearing Corporation (DTCC), along with blockchain oracle Chainlink, have completed a pilot program with several major US banks, to boost the tokenization of traditional financial funds.
Conclusion
Even if Bitcoin’s performance remains stable, Ethereum altcoins like Pendle, Gnosis, and Chainlink are attracting attention with their impressive gains. These tokens illustrate the dynamic and rapidly evolving nature of the cryptocurrency market, providing investors with diversified opportunities beyond Bitcoin.