Altcoins push crypto through the $1 trillion

Over the past few days, cryptocurrency prices have skyrocketed as a result of Bitcoin’s role in bringing the market out of its slump. Altcoins also pumping…

Unexpected growth

the significant upward surge has caused the market cap of all cryptocurrencies to surpass $1 trillion, a figure not reached since early November of last year.

Things had not been looking good for the crypto asset class, which had only $830 million on January 1st, but Bitcoin was about to have other ideas, and after a long period of gradual upward movement, the king of the cryptos suddenly caught fire and surged higher.

Even if BTC’s supremacy has increased over the past several days, many other cryptocurrencies have followed bitcoin’s lead closely. Solana has arguably undergone one of the most significant turnarounds among the large-cap cryptos. These are mention  some Altcoins.

Solana

Given that Sam Bankman-Fried and Alameda Research had been major promoters and holders of Solana and the Solana token, the FTX collapse had a disastrous effect on the price of the $SOL token.

$SOL briefly fell below $8 and, according to some analysts, was headed for zero. However, a blockchain with such a vast ecosystem and such a high rate of speed was not going to continue to decline.

In fact, the cost has increased by three times since then and is now about $23. Next might be a retreat, and $14 could be a nice point to start resuming accumulation.

Avalanche

Another one of the large caps to experience significant gains in recent weeks is Avalanche. Despite not being on the same level as $SOL, $AVAX nevertheless managed to rise by 75% throughout this time. Without a doubt, the AWS alliance would have contributed to the majority of this growth.

Ethereum

Naturally, Ethereum will always come to mind when large-cap alts are discussed. A growth of more than 35% over the previous two weeks is nothing to laugh at, and if Ethereum’s market cap is taken into account, this value increase is likely more than that of any other large-cap alt.

Indeed, one might argue that Ethereum is the primary cryptocurrency driving the rest of the group upward. Since June of last year, there has been growth in the ETH/BTC pair. Many believe that it is only a matter of time before ETH overtakes BTC.

Disclaimer:

This content is being offered just as information about Altcoins. It is not offered or meant to be used as financial, investment, tax, or other advice of any kind.