Altcoins rally as bulls pile into large-cap tokens and layer-1 projects

Friday 07 May 2021, 8:32 AM AEST - 1 month ago

The cryptocurrency market provides investors with another day of 'altseason' as the majority of altcoins in the top 100 on CoinMarketCap rallied today.

Several large-cap tokens reached multi-year highs and this all took place as Bitcoin (BTC) price struggles to hold any of the news-event-driven gains that it has accrued throughout the week.

One of the most notable performances has been put on by Ethereum Classic (ETC), the unaltered Ethereum (ETH) fork that has been gaining traction over the past week as its dedication to a proof-of-work consensus mechanism attracts the attention of miners and retail 'Robinhood' investors.

b0207585-0b61-477c-9dfc-0594c427ce94.pngETC/USDT 4-hour chart. Source: TradingView

Data from Cointelegraph Markets and TradingView shows that after hitting a low at $86.12 in the early trading hours on Thursday, the price of ETC jumped 81% to reach a new all-time high at $179.83 as the 24-hour trading volume spiked to a record $39.1 billion.

Several large-cap cryptocurrencies have seen significant gains recently including, Litecoin (LTC) which hit a one-year high compared to BTC, and a 68% rally in Bitcoin Cash (BCH) which spiked above $1,500 for the first time since May of 2018.

Layer 1 solutions soar as trading volumes increase

Ether also hit a new all-time high at $3,605 as excitement continues to build ahead of the London hard fork and the implementation of EIP-1559, which is expected to take place in July.

Major

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