Back in 2021, the crypto market saw a monumental rally with digital assets like Hedera (HBAR), Chainlink (LINK), The Sandbox (SAND), VeChain (VET), Fantom (FTM), Quant (QNT), XRP, Avalanche (AVAX), and Axie Infinity (AXS) reaching billion-dollar valuations.
Back in 2021, a crypto market rally saw digital assets like XRP, Chainlink (LINK), The Sandbox (SAND), VeChain (VET), Hedera (HBAR), Fantom (FTM), Quant (QNT), Avalanche (AVAX), and Axie Infinity (AXS) reach billion-dollar valuations. Now, these altcoins have exploded once more, following months of stagnation.
According to CoinMarketCap data, the total valuation of the digital asset space hit $3.5 trillion recently, with HBAR up 36.33%, LINK up 26.33%, SAND up 19.67%, VET up 29.14%, FTM up 15.83%, QNT up 20.60%, and XRP up 11.26%. Also, AVAX and AXS were up 8.37% and 15.12%, respectively.
Most of these altcoins are still down significantly from their 2021 all-time highs but have made up for years of sideways price action, including XRP, which hit a multi-year high and is headed towards the $3 price level. A major factor in this surge might be Bitcoin (BTC) staying strong above $95,000 and capital flowing into the altcoin sector.
Your #Altcoins are about to 100X. pic.twitter.com/YIWyjNlqQq
Moreover, a massive institutional demand for the DeFi, RWA, and metaverse sectors could be contributing to the rising prices of these altcoins. Institutional adoption of blockchain protocols and pro-crypto regulations could push the prices of these altcoins higher.
Is Altseason Here?
The crypto market moves in phases: First, money flows into the top cryptocurrency, Bitcoin (BTC), and then Ether (ETH) reaches higher highs. As noted by analyst, Crypto Rover, on X (formerly Twitter), once Bitcoin goes up quickly, capital starts flowing into large-cap altcoins and ETH, which quickly become “parabolic.”
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