These Three Altcoins Are Soaring, Defying Market Slowdown

By Aaron Feuerstein January 22, 2024 In Astar, Cryptocurrency, Ronin, Siacoin
Source: Adobe Stock
  • Ronin (RON) has experienced a 37% surge in the past week, reaching USD $2.43, close to its 2022 high, likely driven by the popularity of the Axie Infinity game.
  • Siacoin (SIA) has seen a significant surge, gaining 329% over the past year and over 30% in the past week, yet remains below its all-time high.
  • Astar (ASTR) has seen over 300% growth since early November 2023, with a 33% increase in the past week, driven by developments in onchain trivia and anime blockchain projects in Japan.

Ronin (RON)

EVM (Ethereum Virtual Machine) blockchain Ronin (RON) has surged by over 37% in the past week. At the time of writing, the price of RON has hit USD $2.43 (AUD $3.70), just a bit over a dollar away from its all-time high in 2022 of USD $3.58 (AUD $5.08).

Ronin (RON), 7-day chart, source: CoinMarketCap

Ronin is a blockchain designed to support the Axie Infinity game. Axie Infinity is a popular blockchain-based game where players breed, raise, battle, and trade digital creatures called Axies. The surge of RON could be a sign that blockchain games are about to heat up again.

Axie Infinity also tweeted that the collectible axie leaderboard for Origins S7 is now live, which could have led to an increased interest.

Siacoin (SIA)

Decentralised cloud storage platform Siacoin (SIA) continues its surge, which has been going strong since October 2023. SIA gained an impressive 329% over the past year, and over 30% in the past week alone. As impressive as these gains are, SIA is still a long way off from its all-time high. During the last bull run SIA didn’t even make it back to that previous high in 2018, which shows how long this network has been around.

Siacoin (SIA), all-time chart, source: CoinMarketCap

It is still unclear what drives the explosive Siacoin price, it could well be speculation or pointing to strong fundamentals – in any case, enjoy the green candles while they last.

Astar (ASTR)

Part of the Polkadot ecosystem, Astar (ASTR) has also been surging, continuing a rally which started a month after SIA, around early November 2023. Since then, ASTR has gained over 300%, with a 33% increase in the past week alone.

Astar (ASTR), 7-day chart, source: CoinMarketCap

One of the aims of Astar is web3 and decentralised applications (dApps) in a multi-chain world. As such, there has been a lot of development and excitement around the coin and these topics. ASTR also benefits from being one of Japan’s major smart contract platforms actively working on exciting topics like onchain trivia and anime blockchain developments.

Aaron Feuerstein

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.

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