Here Are Altcoins Outpacing Bitcoin
Bitcoin has seen some nice gains over the past day that eventually saw the digital asset climb above $29,000 for the first time in nine months, albeit briefly. However, despite the price gains that the digital asset has seen during this time, it is still not the best performer in the crypto market as some altcoins continue to make impressive rallies.
ARB, CFX and 1INCH make a splash
As the week draws to a close, there have been some interesting moves from both Bitcoin and altcoins in the market. However, some altcoins continue to rise above and have been mostly in the green, especially in the last two days.
The digital assets that have been able to sustain gains during this time include Conflux (CFX), Arbitrum (ARB) and 1inch Network (1INCH). At a time when altcoins are struggling to keep up with Bitcoin’s gains, these assets continue to outperform.
In the last 24 hours, each of these digital assets has increased by over 9%, generating a lot of interest in them. CFX, which has been on a bullish momentum for the past week, saw another 11.79% increase in the one-day period, bringing the price per coin to an impressive $0.4241.
Next is 1INCH who have managed to get out of obscurity and back into the limelight. The token rose 10.16% in 24 hours to trade at $0.5595. Trading volume has also seen a big boost during this time as it rose over 231% to $80.9 million.
Altcoins see higher gains than BTC | Source: Coinmarketcap
Following behind is ARB with a 9.38% gain. Now ARB is interesting in that the coin was sent to users of the Arbitrum Layer 2 blockchain, and massive dumping followed shortly after, as expected. However, after hitting a local low of $1.11 on Tuesday, the cryptocurrency has been in an upward trend since then. It is now trading at a price of $1.36, making it the third highest gainer behind 1INCH.
Bitcoin is not giving up Altcoins
Although these altcoins continue to outperform Bitcoin, the pioneer cryptocurrency is not giving up easily. It has been able to maintain the $28,000 territory despite mounting bear pressure. It also keeps consistent gains on the weekly chart, which is not the same for most altcoins.
BTC still trading above $28,600 | Source: BTCUSD on TradingView.com
Bitcoin’s recovery also moves the market, determining whether investors remain bullish or not. Right now, as long as BTC continues to make gains and stay above its 50-day moving average, it is still on track to re-enter a full bull market.
Bitcoin is seeing gains of 0.72% in the last 24 hours to trade at a price of $28,682 after a brief period of $29,140, according to data from Coinmarketcap. Trading volume is up 13% on the day and is now over $22 billion.
