In the crypto world, many experts predict that the crypto market is poised to enter a bullish cycle. After the difficult bear period at the beginning of the year, signs of recovery emerged, supported by improved macroeconomic conditions. In particular, the growing interest of institutional investors in crypto assets is fueling the growing optimism even more. With improving market sentiment, 4 altcoins registered impressive price gains. Crypto analyst Vahid Karaahmetovic takes a look at these altcoins.
First altcoin XDC Network (XDC)
XDC Network has announced the launch of Chain IDE, a cloud-based Integrated Development Environment (IDE) for building decentralized applications to be deployed on blockchains. After that, the altcoin, which was trading below the $0.1 mark, rose sharply on Friday. The rollout of this feature indicates that important updates are on the way for XDC Network. This leads to increased optimism around the project. At press time, XDC was changing hands at $0.05747, up more than 37% in the last 24 hours.
XDC 1-day price chart. Source CoinMarketCapOver the past week, the altcoin has risen more than 76%, similar to what it has gained on the monthly charts.
In second place is Stellar (XLM)
One altcoin that has been steadily gaining momentum in recent weeks is XLM, the token of payment blockchain network Stellar. cryptocoin.com Alongside the broader market optimism, one particular factor primarily fueling XLM’s recent gains is Ripple Labs’ recent legal victory over the US Securities and Exchange (SEC). The court ruled that Ripple did not violate securities regulations by selling XRP on public exchanges. This decision was naturally welcomed by XRP investors as well as the XLM community. Because the two cryptocurrencies have similar goals and underlying technology. At the time the decision was published, XLM’s price surged over 18% on the day to reach $0.16.
XLM 1-month price chart. Source CoinMarketCapOn the weekly chart, XLM’s gains are around 21.33% and over 79% on a monthly basis.
Another rising altcoin is Chainlink (LINK)
The price of LINK, the native token of Chainlink, the largest blockchain oracle, rose significantly on July 21. This was due to strong whale activity. Specifically, on July 20, two crypto whales exchanged 3,146 staked Ethereum (stETH) and Ethereum (ETH) tokens worth $5.72 million to purchase 788,877 LINK tokens, according to on-chain data. Interestingly, two investors with different wallet addresses acted together to execute a massive token swap. They bought LINK for an average price of $7.25. This sparked speculation and interest among Chainlink fans. LINK has increased by over 14% in the last 7 days and over 41% in the month.
LINK 1 month price chart. Source CoinMarketCapMeanwhile, the popular crypto community on CoinMarketCap expects LINK to end the month at $7.04. Meanwhile, it’s worth noting that the historical accuracy rate for the community’s Chainlink predictions is 95%.
Maker (MKR) comes in last place
MakerDAO and Maker Protocol’s management crypto token MKR were also among the top 4 performers in terms of daily earnings on July 21. Its phenomenal jump of over 16 can be attributed primarily to the recent efforts of venture capital (VC) giants Andreessen Horowitz (a16z) and CMS Holdings. According to Lookonchain, a16z has deposited a significant number of MKR tokens on Coinbase. Probably plans to sell assets. Similarly, private investment firm CMS Holdings also reduced its MKR holdings. However, prior to the token’s rise, the VC investor deposited approximately $614,000 worth of MKR on Binance. MKR was trading at $1,098, up 23.71% in the past week, according to press time. The monthly rise in altcoin price is over 48%.
MKR 1-week price chart. Source: CoinMarketCap
