Bitcoin, the flagship cryptocurrency has been shedding gains if not trading sideways. But some Altcoins following the lead of Ethereum have fared well recently. While Ethereum has rallied 12.52% in the last week, Bitcoin has slumped 0.35%.
Four Altcoins, AXS, KCS, ALPHA, and PERP in just a week have surged 100% or more.
AXS is a blockchain-based game that allows players to collect, breed, raise battles, and trade collectible digital creatures.
According to CoinMarketCap, AXS has risen from a seven-day low of $5.20 to a new all-time high of $13.59 in the last week, a gain of nearly 161 %.
KuCoin’s native currency, KCS has risen from a seven-day low of $6.86 to a high of $14.47 in just one week, signifying a gain of nearly 110 percent.
Alpha Finance (ALPHA)
Alpha Finance is a cross-chain decentralized finance platform. The token ALPHA, From a seven-day low of $0.41 to $0.88, the altcoin has gained almost 114%.
Perpetual Protocol( PERP)
It is a decentralized platform that offers perpetual contracts (a derivative without expiry date) for every asset. The token PERP In the last seven days has risen 112% from a low of $5.59 to a high of $11.86.
Is an Altcoin Season Underway?
Not just these 4 Altcoins, many other tokens are also hinting at a bullish momentum. The Defi protocols recently are flashing an uptrend with some prominent coins printing great gains.
After soaring about 58.93% in the previous seven days, the SNX price has risen more than 26%. Other tokens, such as AAVE (15.21 percent), SUSHI (13.4 percent), COMP (12.57 percent), and RUNE (11.03%), followed a similar pattern.
Popular analyst and trader Micheal Van De Poppe in a recent tweet talked about the resurgence of altcoins. He mentions, after falling to the dumps due to Bitcoin’s crash below $30K. Altcoins now can be expected to outperform Bitcoin in the coming days.
He also tweeted saying, Altcoin season starts only when nobody is interested in altcoins.