Altcoins
Ethereum Altcoins Rallying Today Analyzed
The cryptocurrency market for Ethereum-based altcoins is seeing a notable increase, due to the ETH spot ETF approvalby the United States Securities and Exchange Commission (SEC) on May 23, 2024. This change in the regulatory stance of the American watchdog brought new hope to the market, causing significant price increases for various Ethereum altcoins. This article will examine why these cryptocurrencies are performing well and analyze the factors fueling their current rise.
1. Ondo (ONDO)
Ondo is one of the best performing altcoins. Currently trading at $1.09, the token is witnessing 13.04% and 23.56% growth in its value over the past day and week. This performance pushed its market capitalization to $1.51 billion, securing it 61st position, according to CoinMarketCap.
A 144.81% increase in 24 trading volume of $442.99 million, indicates increased trading activity in the Ondo Finance token. This reflects increased investor attention and confidence in ONDO.
The recent surge in ONDO price can be attributed to the launch of new ONDO-PERP trading pairs for perpetual contracts by Coinbase on May 23. Coinbase’s move to improve trading experiences increased investor confidence, leading to a rise in ONDO’s price.
2. Lido DAO (LDO)
Lido DAO is another Ethereum altcoin seeing substantial increases in value. LDO is now trading at $2.30, showing an increase of 10.17% in the last day and 37.90% in the previous week.
LDO is ranked 54th in the cryptocurrency rankings, with a market capitalization of $2.06 billion and a 150% increase in 24-hour trading volume to $459.51 million. This gathering highlights the growing popularity of Challenge staking platforms and services embodied by Lido DAO.
Lido DAO has released staked ETH (wstETH) on Mantle Network, enabling smooth transfer of staked ETH, improving the scalability and efficiency of DeFi.
3. Pendle (PENDLE)
Pendle (PENDLE), which trades at $6.43, has also made notable progress, with a 5.67% increase over 24 hours and an extraordinary 48.81% rise over the past seven days. Its market capitalization stands at $989.16 million, supported by a 96.56% increase in trading volume to $285.83 million in the last 24 hours.
Ranked 87th, Pendle’s rise highlights the market’s enthusiasm for innovative DeFi solutions that offer unique yield and derivative products.
Pendle price is doing well, especially due to recent developments such as the increase in the sUSDe yield to 37.2%.
4. Gnosis (GNO)
Gnosis (GNO), priced at $362.51, saw an increase of 5.72% over the past 24 hours and 36.48% over the week. With a market cap of $938.74 million and a 63.00% increase in 24-hour trading volume of $26.85 million, Gnosis occupies the 92nd position.
Gnosis, known for its prediction market platform and decentralized exchange technology, continues to attract attention amid Ethereum’s broader rally.
The recent rise in GNO price can be attributed to Thanefield Capital’s announcement of a substantial $30 million buyout proposal. This initiative aims to realign the market value of the token with its intrinsic book value, which has been perceived as undervalued.
Conclusion
The SEC’s green light for Ethereum ETFs has definitely sparked a surge in bullish sentiment and trading in the cryptocurrency market. Investors and traders are adapting to the new regulatory landscape, leading to significant growth in Ethereum altcoins such as Ondo, Lido DAO, Pendle, Gnosis, and Chainlink. This trend is likely to persist as the market processes the fallout from the SEC’s groundbreaking decision, which could lead to a new phase of institutional involvement and widespread recognition in the cryptocurrency industry.