Some altcoins like ETH fared well on Tuesday night as cryptocurrency market cap surged 1.24%
Some altcoins including Ethereum (CRYPTO: ETH) had a solid performance on Tuesday night, with the global currency market up 1.24%
The second-largest cryptocurrency by market cap gained 5.86% over the past 24 hours to $4,706.67. For the week, ETH is up 7.63%.
Trading was relatively unchanged. The coin was down 0.32% in 24 hours at $57,401.26. After a 7-day tracking period, Apex is down 0.58%.
Memes: Crypto Dogecoin also trades little changed Governor
, up 0.03% to $0.22 in 24 hours. It has lost 4.5% in the past seven days.
The self-proclaimed DOGE killer was up 9.53% in 24 hours at $0.00004795. It is up 14.3% for the week. According to data from CoinMarketCap, SHIB was one of the top four performing coins during the period.
The three coins with the biggest gains in 24 hours are Stacks, Terra and Voyager Token. Stacks surged 33.42% to $3.01, Terra gained 11.96% to $57.36 and Voyager Token rose 11.56% to $4.70.
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Ethereum and several other altcoins outperformed Bitcoin in a 24-hour period, causing a lot of buzz.
Crypto trader Michaël Van De Poppe tweeted that the first quarter of 2022 “will be explosive” for altcoins.
Independent analyst firm Delphi Digital cited the strength of ETH and Binance Coin, calling them the “most interesting” coins for buyers.
“If the tide turns to bulls, these coins could outpace other large caps in the top 10,” Delphi Digital wrote in an email.
Chart showing normalized price movements of the top 10 crypto assets – Courtesy of Delphi Digital
The DVOL index, which measures 30-day implied volatility, has fallen in recent days, according to Delphi Digital. The index rises during times of dramatic change, such as the current coronavirus-related restrictions.
Implied Volatility Tracking Chart – Courtesy of Delphi Digital
On the other hand, Marcus Sotiriou, a bear trader at U.K.-based digital asset broker GlobalBlock, said that Bitcoin’s technical outlook appears healthy and could set another all-time high.
“Bitcoin appears to be forming a falling wedge pattern that is historically bullish and more likely to break higher than lower,” Sotiriou noted in a report seen by Benzinga.
BTC/USD chart analyzed by Marcus Sotiriou – courtesy of GlobalBlock
Sotiriou noted that the weekend’s rally was driven by the spot market rather than leverage, showing the “healthy state” of the market.