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These Altcoins Soar as Markets Cool Off
- After Bitcoin reached a new all-time high of USD 70k, most major cryptos are experiencing some corrections, while a select few altcoins continue to rally.
- Gala (GALA) has recorded a 34% rise in the last 24 hours, highlighting its potential for growth from its current price of USD $0.07628.
- Pyth Network (PYTH) also saw significant gains, with a 26% increase in the past 24 hours, amid a slew of new developments.
While Bitcoin briefly hit new all-time highs against the US dollar over the weekend, touching USD 70k for the first time ever, it seems to take a breather for now. Actually, most of the major cryptos are in the red, slightly correcting.
However, a few altcoins are still rallying, and it’s not just meme coins this time.
Related: Ethereum and Solana Surge Toward New Peaks: But Can The Rally Last?
Gala (GALA)
Gala is the top performer at present, gaining 34% in the past 24 hours, and 66% in the past week. While GALA has seen impressive growth it’s still far away from its all-time high set in 2022 at USD $0.8367 (AUD $1.2678).
Currently one GALA trades for USD $0.07628 (AUD $0.1207), indicating there is still room to the upside.
Gala (GALA), 7-day graph, source: CoinMarketCap
Gala Games is a blockchain-based platform aimed at transforming online gaming by allowing players to own, trade, and earn from in-game items as non-fungible tokens (NFTs).
It was created out of frustration with the gaming industry’s freemium model, which is seen as a huge drawback. Gala offers a decentralised ecosystem where gamers have control over their virtual assets and decisions within various games.
With GALA, users can participate in the platform, enabling governance and transactions, and shifting power from traditional centralised gaming companies to the players themselves.
Crypto gaming is a hot narrative and as analyst Miles Deutscher believes gaming is among the leading topics in the bull run.
Pyth Network (PYTH)
The other top gainer is Pyth Network (PYTH) which has gained an impressive 26% in the past 24 hours, and about the same in the past week after a dip on March 6. Currently PYTH trades at USD $0.855 (AUD $1.298) up from USD $0.5279 (AUD $0.80) when it had dipped.
Pyth Network (PYTH), 7-day graph, source: CoinMarketCap
Pyth is what’s called an oracle network, offering real-time price feeds for assets such as crypto, equities, commodities, foreign exchange pairs and even ETFs. While Pyth is not the first oracle, it prides itself on its speed and “ultra-low-latency and institutional-quality market data.”
Related: MicroStrategy Issues $700M in Convertible Notes to Fund Bitcoin
The Pyth Network has seen numerous announcements and developments in the past few months. Additionally, many exchanges, market makers, and financial services providers have started using the Pyth Network making it one of the fastest growing oracle networks out there.
Pyth is constantly adding to its over 50 blockchains featured in its price feed.
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
