Altcoin
Ethereum Altcoin Rally Today Analyzed
The cryptocurrency market for Ethereum-based altcoins is experiencing a notable increase, following the approval of spot ETH ETFsby the US Securities and Exchange Commission (SEC) on May 23, 2024. This change in the regulatory stance of US observers has brought new hope to the market, causing significant price increases for various Ethereum altcoins. This article will examine why these cryptocurrencies are doing well and analyze the factors fueling their current growth.
1. Ondo (ONDO)
Ondo is one of the altcoins that has shown the best performance. Currently trading at $1.09, the token has seen growth of 13.04% and 23.56% in its value, over the past day and week. This performance pushed its market capitalization to $1.51 billion, securing the 61st position, according to CoinMarketCap.
A 144.81% increase in the 24-day trading volume of $442.99 million indicates heightened trading activity in the Ondo Finance token. This reflects increased investor attention and confidence in ONDO.
The recent increase in ONDO price can be attributed to the launch of new ONDO-PERP trading pairs for perpetual contracts by Coinbase on May 23. Coinbase’s decision to improve the trading experience increased investor confidence, resulting in an increase in the price of ONDO.
2.Lido DAO (LDO)
Lido DAO is another Ethereum altcoin that is experiencing substantial increases in value. The LDO is now trading at $2.30, showing an increase of 10.17% in the past day and an increase of 37.90% in the previous week.
LDO is ranked 54th in the cryptocurrency rankings, with a market capitalization of $2.06 billion and a 150% increase in 24-hour trading volume to $459.51 million. This rally highlights the growing popularity of DeFi staking platforms and services embodied by Lido DAO.
Lido DAO released staked ETH (wstETH) on the Mantle Network, enabling smooth transfer of staked ETH, improving the scalability and efficiency of DeFi.
3. PENDLE
Pendle (PENDLE), trading at $6.43, has also made great strides, up 5.67% in 24 hours and a stunning 48.81% increase over the past seven days. Its market capitalization stands at $989.16 million, supported by a 96.56% increase in trading volume to reach $285.83 million in the past 24 hours.
Ranked 87th, Pendle’s surge highlights the market’s enthusiasm for innovative DeFi solutions that offer unique returns and derivative products.
Pendle price has been doing well, especially due to recent developments such as the sUSD yield rising to 37.2%.
4. Gnosis (GNO)
Gnosis (GNO), priced at $362.51, is up 5.72% over the past 24 hours and up 36.48% for the week. With a market capitalization of $938.74 million and a 63.00% increase in 24-hour trading volume of $26.85 million, Gnosis occupies the 92nd position.
Gnosis, known for its prediction market platform and decentralized exchange technology, continues to attract attention amid the broader Ethereum rally.
The recent rally in GNO’s price can be attributed to Thanefield Capital’s announcement of a substantial $30 million buyback proposal. This initiative aims to realign the token’s market value with its intrinsic book value, which has been perceived as undervalued.
Conclusion
The SEC’s green light for Ethereum ETFs has certainly spurred a wave of bullish sentiment and trading in the cryptocurrency market. Investors and traders are adapting to the new regulatory landscape, leading to significant growth in Ethereum altcoins such as Ondo, Lido DAO, Pendle, Gnosis, and Chainlink. This pattern is likely to persist as the market processes the fallout from the SEC’s groundbreaking ruling, which could lead to a new phase of institutional involvement and broad recognition in the cryptocurrency industry.