Bitcoin is the most popular cryptocurrencies but other digital coins are also joining the race. The alternative crypto assets are now outperforming the Bitcoin. Altcoins, for instance, has recorded the highest gain in the last few days.
Such altcoins are Stellar (XLM), VeChain (VET), Cardano (ADA), and Chainlink (LINK). While the reported gains for large-cap coins was noticeable but small-cap coins skipped to triple-digit percentage gain.
Top 10 Cryptocurrency Coins
In the past week, some coins have outperformed all the coins including the Bitcoin. These coins are BSV, XLM, ATOM, VET, ALGO, XRP, ADA, LINK, CRO, and ETC. Bitcoin’s gain was just 1.13% during this period.
ATOM topped the chart by gaining a considerable 54.60% price while the price of CRO coin hiked 11.68%. The market capitalization of cryptocurrencies is worth $700 million.
With an increased price of cryptocurrencies including Bitcoin and Ethereum, the demand has also increased. Both retail and institutional consumers are increasing with each passing day. The gain is reportedly the result of Bitcoin halving in May this year.
ATOM and XLM are the first two top-performing assets and the third one is the VET. Some crypto enthusiast guessing that this gain has surged from the participation of VeChain at a major crypto conference. While others think that the Coinbase listing has caused it.
Stellar and Cardano are ready to update their protocols in the coming days. Cardano is set to activate its hard fork on 30 July. The never-ending series of newly launched cryptocurrencies and the protocol updates is what created a hype in the crypto market.
The month of June was record-breaking for Chainlink crypto asset. During this period Chainlink asset surpassed its previous price and reached a height. The asset also achieved its Price Discovery state in the past few weeks. This is the state where an asset surpasses its highest record price. Quite naturally the asset attracted a lot of customers in the meantime.
Why Altcoins Are Becoming Customer’s Favorite?
The first reason for this is the price increase of ETH. It has hiked by 270% in the last four months. Since ETH coincides with altcoin uptrends, the customers are now seen investing in altcoins. The future of altcoins can also be depicted as an altcoin bull run.
The other factor is the protocol upgrades by top cryptocurrencies. Cardano has just launched its Shelley upgrade at the end of July 2020. After the roll-out of Shelley, Cardano will have a decentralized network that is 50-100 times more decentralized than other cryptocurrencies.