Three Altcoins Shine Against the Odds Amid Crypto Crash
If you’ve logged into Coinmarketcap (or Coingecko) today, you’ve no doubt been greeted by a confronting sea of red. The overall market is down nearly 3% in the past 24 hours alone, with several top-twenty coins falling 5% or more. But times of crisis can present opportunity, and those that perform well amid a broader market failure can suggest the makings of a longer-term bullish trend.
Flare, Siacoin and Blur Buck the Trend
Flare (FLR) has been the week’s best performer (of coins in the top 100 by market cap), jumping an impressive 36% over the past seven days. To put how contrarian this trend is in context, only 16% of the top 100 have even posted green weekly returns. So, what’s behind Flare’s surge?
Flare is a Layer 1 blockchain that plans to become the decentralised oracle for the Web3 community. Basically, the network takes off-chain data and communicates it back to the network. The big reason for Flare’s price push came earlier this week, when tech goliath Google Cloud stepped in as a network validator. This has furthered rumours that a Binance listing may be on the horizon for Flare, which would be yet another major step for the relatively young blockchain.
Siacoin (SIA) has raced back into the top 100 by market cap after posting 25% gains in the last seven days. The decentralised cloud storage platform’s price is rising on the back of renewed investor interest in smaller-cap tokens. There isn’t really any news or events that are pumping SIA – the sentiment around the coin has just shifted.
Finally, Blur (BLUR) has shown an impressive resurgence in the last seven days, rising nearly 14% in value. The unique decentralised NFT marketplace – a direct competitor to OpenSea – has enjoyed growing volume since December last year, when its token was finally listed on the Binance crypto exchange. A slight uptick in NFT trading volume over the past few days is likely a key to Blur’s bullish trend amid the despair of the broader crypto market.