Ethereum Altcoins Rallying Today Analysed
The cryptocurrency market for Ethereum-based altcoins is experiencing a notable surge, as a result of the approval of spot ETH ETFs, by the U.S. Securities and Exchange Commission (SEC), on May 23, 2024. This change in the U.S. watchdog regulatory position, has brought new hope to the market, causing significant price increases for various Ethereum altcoins. This article will examine why these cryptocurrencies are performing well and analyze the factors fueling their current rise.
1. Ondo (ONDO)
Ondo is one of the altcoins that have shown top performance. Currently trading at $1.09, the token is experiencing a growth of 13.04% and 23.56% in its value, over the past day and week. This performance has pushed its market cap to $1.51 billion, securing the 61st position, according to CoinMarketCap.
An increase of 144.81% in 24-trading volume of $442.99 million, indicates a heightened trading activity in the Ondo Finance token. This reflects an increased investor attention and confidence in ONDO.
The recent rise in ONDO price can be attributed to the launch of new ONDO-PERP trading pairs for perpetual contracts by Coinbase on May 23. Coinbase’s decision to improve trading experiences has raised investor trust, resulting in a rise in ONDO’s price.
2. Lido DAO (LDO)
Lido DAO is another Ethereum altcoin that is seeing substantial increases in value. LDO is now trading at $2.30, showing a 10.17% increase in the last day and a 37.90% rise in the previous week.
LDO is ranked 54th in the crypto rankings, with a market cap of $2.06 billion and a 150% surge in 24-hour trading volume to $459.51 million. This rally highlights the increasing popularity of DeFi platforms and staking services embodied by Lido DAO.
Lido DAO released wrapped staked ETH (wstETH) on Mantle Network, enabling smooth transfer of staked ETH, enhancing DeFi scalability and efficiency.
3. Pendle (PENDLE)
Pendle (PENDLE), trading at $6.43, has also made notable strides, with a 24-hour increase of 5.67% and an extraordinary 48.81% rise over the past seven days. Its market cap stands at $989.16 million, supported by a 96.56% increase in trading volume to achieve $285.83 million in the last 24 hours.
Ranked 87th, Pendle’s surge highlights the market’s enthusiasm for innovative DeFi solutions that offer unique yield and derivatives products.
Pendle’s price has been doing well, especially due to recent developments like the sUSDe yield increasing to 37.2%.
4. Gnosis (GNO)
Gnosis (GNO), priced at $362.51, has seen a 5.72% increase in the past 24 hours and a 36.48% rise over the week. With a market cap of $938.74 million and a 63.00% increase in 24-hour trading volume of $26.85million, Gnosis occupies the 92nd position.
Gnosis, known for its prediction market platform and decentralized exchange technology, continues to attract attention amidst the broader Ethereum rally.
The recent rally in the price of GNO can be attributed to the announcement by Thanefield Capital of a substantial $30 million buyback proposal. This initiative aims to realign the token’s market value with its intrinsic book value, which has been perceived as undervalued.
Conclusion
The green light from the SEC for Ethereum ETFs has definitely spurred a surge of bullish sentiment and trading in the cryptocurrency market. Investors and traders are adapting to the new regulatory landscape, leading to significant growth in Ethereum altcoins such as Ondo, Lido DAO, Pendle, Gnosis, and Chainlink. It is probable that this pattern will persist as the market processes the consequences of the SEC’s groundbreaking ruling, which may lead to a new phase of institutional involvement and widespread recognition in the cryptocurrency sector.
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