Many altcoins have regained their losses in the past one week even as Bitcoin price remained restrained according to a recent analysis by Santiment. Out of the nearly 100 altcoins that registered gains in the past seven days, 25 altcoins had a gain of over 10% led by NEO 20%, Decentraland 19%, IOTA 17%, Cardano 10%, Shiba Inu 15%, and Tron 11%. Bitcoin, in comparison, also gained just 10%.
The trend signifies some market recovery from hefty losses registered across markets last month. However, zooming out, possibly demonstrates that altcoins are continuing to break away from the influence of the domineering Bitcoin. It used to be Bitcoin rallying or experiencing bear moments first, and then altcoins would follow because most money flowing into Bitcoin and then altcoins, but that no longer remains. There are now many more channels through which people can buy or invest in altcoins without necessarily buying Bitcoin.
However, from the top ten coins by market cap, Cardano’s ADA, XRP, and Solana managed to register gains of more than 10% each while DOGE, which ranks 11 by market cap, gained 7%. A few more coins in the list of top 20 are also on the list of weekly gainers.
The greatest price gains, however, were recorded by the less known coins that you would easily ignore from the over 1500 altcoins now. According to the analysis, an unpopular Roiyal coin gained a massive 452% in the week, this being the highest of all, followed by other unpopular options Membrana, Mybit, Distix, Counox, and Quant 45%. Therefore, the trend may also be telling a story of how wealth flows within the crypto industry – from the popular to unpopular options as markets slide as people lost faith with the top coins.
NEO, which is termed as the Chinese Ethereum and focuses on the Chinese market, this week returned to gains after another week of massive losses. Strict regulation had tampered with its success in China. Its resumption to green may be due to the upgrades happening on the blockchain. The blockchain partnered with the government in the development of digital yuan and the slight recovery may as well be a factor of some slight easing of its markets in China.
Decentraland MANA has been more than impressive in the recent past given the massive hype around NFTs and the metaverse. The cryptocurrency was barely trading at $1 by November last year but since then, the price is up by more than 100%. Decentraland is popular with virtual land sales and has been attracting individuals and companies as well, with investors pushing virtual land prices higher and higher by the day on the platform.
Tron, which has continued to align itself as a gaming and now NFT platform since last year, also has a positive long-term outlook. IOTA, on the other hand, has sustained the current gains for at least two weeks now.