Altcoins on the Rise: Can They Overturn the Destiny of the Cryptocurrency Industry?

At present, the cryptocurrency industry is not at its glorious period. In the last 30 days, the top two cryptos, Bitcoin and Ethereum, have suffered dips of 1.9% and 11.1%, respectively.

The cryptocurrency market is currently experiencing a downturn, with the top two cryptos, Bitcoin and Ethereum, suffering dips of 1.9% and 11.1%, respectively, in the last 30 days.

As crypto price today reflects these recent losses, many investors are questioning the potential for recovery. While the market is expected to witness bullish momentum in the near future, the charts of the top cryptocurrencies have not yet shown any significant signs to support this expectation.

However, in a recent development that could provide a ray of hope, the market has seen the rise of a few promising Altcoins. As we analyze the charts, let's uncover the potential for these Altcoins to overturn the destiny of the industry.

Altcoins on the Rise

The recent trend of top Altcoins performing better than Bitcoin and Ethereum was initially brought to the attention of crypto enthusiasts by a post published by Santiment on X.

According to the post, despite the fear, uncertainty, and doubt (FUD) prevailing in the crypto market, several altcoins are pushing the altcoin market upwards. The post highlights the impressive performance of a few Altcoins.

? Despite Bitcoin's slight dip ($57.3K) and Ethereum's bigger dip ($2.3K) over the past week, altcoins have begun to rally once again.

Crowd FUD has played a big factor in many of these projects rebounding with little resistance.

Top weekly performers include:? @fellazxyz… pic.twitter.com/FuBxX71vZa

Top Altcoin Performers of the Week

As mentioned in the post, the top Altcoin performers of the week include Fellaz, Fantom, Fetch.ai, Dfinity, Sui Network, Optimism, and Toncoin.

Fellaz, Fantom, and Fetch.ai are leading the pack with gains of 23%, 21%, and 20%, respectively. Meanwhile, Dfinity, Sui Network, Optimism, and Toncoin have each reported a rise of around 15%.

Altcoin Market Performance: A Broader Perspective

Last week, the total market cap of all cryptos, excluding the top ten, stood at nearly $177.349B.

At the time of writing, this figure has increased to $193.53B. As evident from the chart, the market has witnessed a rise in market cap. Commencing September 7, the market has formed six consecutive green candlesticks.

In conclusion, the trend of Altcoins performing better than Bitcoin and Ethereum is a noteworthy development. As we move forward, the question that arises is whether this new momentum provided by Altcoins can compensate for the poor performance of the top two cryptos. What are your thoughts on this unfolding scenario?

Also Read : Global Crypto Adoption Index 2024: India and CASO Nations Outshine the World

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