Altcoins
Altcoin double-digit rally ignites bullish projections
Crypto assets continue to post gains this week with altcoins recording double-digit inflows. The move follows a pickup in market forces leading to a surge in market capitalization. While Bitcoin’s market capitalization is $1.2 trillion, broader crypto assets are at $2.34 after posting weekly gains.
Double-digit inflows from most assets in the market come next Fed meeting which left interest rates unapplied. In social media spaces, cryptocurrency users project the start of the bull run especially in memecoins. However, some users are yet to be convinced of the recent altcoin flows due to the fluctuation periods.
Solana and Near Protocol lead Altcoin Jump
Solana (SOL) is up 20.6% this week after a period of low results. The altcoin’s gain continued over the past 24 hours, as it traded at $155. Solana is known for outperforming the market in bull runs based on several factors, including memecoin activity.
Solana’s Memecoin they also recorded similar numbers on the market, with some assets recording peaks of more than 50%, recovering from weeks of outflows. SOL has now narrowed monthly losses to 15% with bulls predicting a broader market run.
Near Protocol is up 21.57% this week with a 1.6% increase today. Daily asset volumes rose 8% to 590 million following price growth to $7.49. The jump above weekly gains of 20% sparked short-term trading to indicate a rise in macroeconomic factors. This rally can also be seen in crypto stocks, although most remain with single-digit gains.
Peak of other assets
Other altcoins have also triggered a rush in the market leading to weekly projections. Waviness (XRP) is up 7.59%, while Cardano (ADA) and Avalanche (AVAX) are up 3.37% and 4.17%, respectively.
Memecoins posted the biggest gains as expected this week due to inflows inspired by the frenzy of high volatility. The top memecoins in the last 24 hours are Bird Dog with a gain of 83% and FindMe and WSB Coin with inflows of 16.6% and 61% respectively.
Read also: The Cryptocurrency Market Will Recover by the End of May; Here’s what you should know