Many altcoins have recorded double-digit gains today, as the cryptocurrency market welcomed a robust performance from some of these altcoins. While Bitcoin continues to trade in a narrow range with dips, smaller tokens are gaining significant momentum due to traders’ keen interest in high potential gains.
Altura and RedStone Lead the Pack
Altura ($ALU) led the altcoin pack of the day’s gainers with a mind-blowing 38.8% increase that raised its market capitalization to reach 50.3 million dollars.
The steep increase in the project shows an increased interest in blockchain-related gaming assets, which remain under consistent development.
RedStone ($RED) followed closely with a growth of 29.8%, resulting in a market cap of 146.8 million. The increase in the token value indicates that this time around, decentralized data and oracle solutions have become of interest, and they are paramount to DeFi and blockchain application usage.
Strong Performances Across Multiple Projects
Other altcoins gained significant leaps as well. Elastos ($ELA) increased by 28.6% to reach a $35.9 million market cap, and Skale (SKL) by 19.1% to reach a market cap of $183.9 million.Â
The two initiatives are both associated with the blockchain infrastructure, which may imply that the investors are positioning themselves in networks that are oriented towards scalability and decentralized applications.
Zeus ($ZEUS) and Sapien increased 14.5% and 14.2%, respectively, as smaller-cap tokens continued to move forward. Smaller players did not feel left behind with $CRO rising 13% to a market cap of $11 billion.
Broader Altcoin Market Outlook
Hooked Protocol ($HOOK) surged 12.9%, and Qtum ($QTUM) increased 11.6% to a market cap value of $310.1 million. Further, Flock ($FLOCK) has been the last on the list with a growth of 11.5%.
The majority of these altcoins are listed on large exchanges, such as Binance, Gate.io, and Coinbase, which offer high liquidity to the investor.
The recent wave of gains implies that, although Bitcoin is in its consolidation period, altcoins still attract attention to the market. When the momentum continues, it is likely that the wider altcoin market will be preconditioned to additional rallies, particularly as liquidity is pumped into mid- and small-cap instruments.
