- Strong development activity in Cardano (ADA) and Ripple’s XRP has helped them deliver outsized returns.
- Solana (SOL) is one such altcoin that is on the brink of making an entry in the top ten list.
As the overall cryptocurrency market rallies past $2 trillion, altcoins have been playing a leading role in this market rally. Over the last week, altcoins have added more than $200 billion to the overall cryptocurrency market.
The world’s second-largest cryptocurrency has been holding its position strong in the market trading above $3,200 levels. However, there are still a few altcoins that have delivered 3x-4x gains than ETH, over the last week. Let’s take a look into some of the top-performing altcoins of the market.
1. Cardano’s ADA
Cardano (ADA) became the fourth-largest cryptocurrency by market cap last week unsettling Tether’s USDT. The cryptocurrency has gained 52 percent and is currently trading at $2.17 looking for a move to its all-time high.
The successful launch of the Alonzo Purple Testnet is the reason behind this market rally. The Alonzo hardfork will introduce smart contract functionality to the Cardano blockchain which will increase its utility exponentially.
2. Ripple’s XRP
With a massive 60 percent gain over the last week, Ripple’s XRP is showing skin-in-the-game and is currently the sixth-largest cryptocurrency by market cap. As of press time, XRP is trading at $1.28 and has successfully managed to decouple from the rest of the market players.
As on-chain data provider Santiment reports, the XRP price rally comes on the backdrop of high on-chain development activity. Currently, the XRP team is also submitting the highest Github activity in the asset’s history.
🚀 $XRP has pumped to $1.189 today for an impressive 3-month high. Before it decoupled from the #crypto pack, we saw hints of development activity skyrocketing. #XRP's team is now submitting the highest #github activity rate in the asset's history. 🧑💻 https://t.co/V9TatbMQYi pic.twitter.com/i189ggtCwS
— Santiment (@santimentfeed) August 14, 2021
3. Dogecoin (DOGE)
Meme cryptocurrency Dogecoin (DOGE) has also registered solid moves recently. Over the last week, the DOGE price has surged 40 percent and more than 14 percent in the last 24 hours. At press time, Dogecoin is trading at $0.33 and has a market cap of $43.9 billion.
This is for the first time in the last two months that Dogecoin has been trading at these levels. However, it has successfully helped to trigger the #DogeCointo1Dollar trend in the social community. However, some have accused billionaires like Mark Cuban and Elon Musk of shilling Dogecoin. Here’s what Cuban had to reply to these allegations.
I don't shill Doge. I shill the prods & services of my companies. Where we allow people to pay in ANY crypto, 95% of the sales are in DOGE. Customers CHOOSE to use DOGE. We can argue everything and anything re BTC, but right now DOGE is the people's way to pay. #DOGEFACTS https://t.co/59HbSIWh8w
— Mark Cuban (@mcuban) August 15, 2021
4. Solana (SOL)
Amid a staggering 58 percent price rally over the last week, open-source project Solana (SOL) is looking to grab a spot in the top ten list. Over the last 24 hours, the SOL price is up by 36 percent and is currently trading at $61.31 with a market cap of $17.5 billion.
The recent price rally in SOL has been backed by the growing adoption of the Solana ecosystem. Furthermore, the total lock-up volume on Solana has now reached 1.8 billion and the total transaction volume has crossed $24 billion.
Top 5 Altcoins to Watch for
Crypto analysts and CEO at Eight Global Michael van de Poppe has shared some of the altcoins which can still gain market traction.
- The first one he suggests is The Graph (GRT), an indexing protocol for querying data for networks like Ethereum and IPFS. This platform powers applications in the DeFi as well as the Web 3 ecosystem. At press time, GRT is already up by 5 percent trading at $0.91 levels.
- The SKALE Network (SKL) has been hovering around its support for a while now. As of press time, SKL is up 10.63 percent training at a price of $0.36.
- The third suggestion from the analyst is Swipe’s SXP. However, traders need to be careful as it is currently trading at a crucial resistance level. Swipes SXP is up 4.51 percent in the last 24 hours trading at $3.51.
- The fourth coin he suggests is Zilliqa (ZIL) which is 5.27 percent up to as of press time and is currently trading at $0.11 and a market cap of $1.31 billion. Zilliqa is closely following the chart patterns of AAVE over the last year.
- The last one is Celer Network (CELR). At press time, CELR is trading 4.77 percent up at a price of $0.04 and a market cap of $286 million.