Crypto Altcoin Earnings | Without banks

Build strength. While larger crypto alternatives have struggled to get a bid since mid-April, many are lighting up the charts green today! Can this rally persist?

GameStop announcement Selling 45 million shares this morning (15% of GME’s current float) may have dampened the animal spirits of TradFi’s retail participants for now, but the degeneration of cryptocurrencies appears to be just the beginning of the party…

Those of the Base DEGEN MemecoinFarcaster memecoin on Base with its own L3See profile“ class=”stubHighlight”>DEGEN memecoin was the best performing token in CoinGecko’s Top 300 Gainers chart, experiencing a good pump on a percentage basis and gaining 26% on the day.

While memes were one of the best-performing crypto asset classes during 2024, tokens with real fundamentals were also in the mix for the top gainer spots today, with holders of the Solana DePIN MOBILE token achieving returns of 21% and those at LINK, LDO, and PENDLE experiencing gains in the mid-teens.

Looking beyond the daily price action, however, it is clear that these tokens were hit by a downturn as cryptocurrency markets experienced a reversal in April and that persistent red days have come to bite; despite the recent strength, many crypto assets are still underwater.

Source: TradingView

Undeniably, all rallies have to start somewhere, and while broader alts have largely bled dry over the past month, BTC’s gains are sowing optimism. Cryptocurrencies’ largest asset rose nearly 20% in May and pressed against recent week highs, threatening a breakout to set new all-time highs!

With cryptocurrency funding rates for perpetual swaps are residue interesting and supportive for bulls in long positions, there is certainly a possibility that longer-tail cryptocurrencies will continue to escape from here as degeneracy becomes increasingly risk-on.

TradFi stock indexes hit new all-time highs this week, while the 90-day rolling correlation between BTC and tech stocks hit its highest level since August, suggesting cryptocurrency and stock prices will continue to rise together if bullish sentiment holds.

Source