Altcoin
Today, Ethereum Altcoins outperform Bitcoin
Today, the global cryptocurrency market is facing a slight decline, however, some Ethereum-based altcoins stand out with impressive performance compared to Bitcoin amid the volatility. While Bitcoin saw fluctuations between $65,937.18 and $67,694.30, with a slight increase of 0.02% in the last day and an increase of 10.12% in the last week, some cryptocurrencies are making notable progress. This article will delve into Ethereum altcoins that outperform BTC and their performance.
1. PENDLE
Pendle (PENDLE) is gaining attention for its distinctive method of yield tokenization. Pendle is now priced at $5.26, showing an increase of 6.55% over the past 24 hours and a notable increase of 31.39% over the past week. This event increased its market value to $809.1 million, with trading volume of $108.2 million in the last 24 hours.
Pendle is a protocol that allows for the tokenization and trading of future returns. By introducing a new AMM that allows assets to decay over time, Pendle allows users to have greater influence on future performance by offering choices and possibilities for its use.
2. Gnosis (GNO)
Gnosis (GNO) is also one of the Ethereum altcoin showing notable gains. Trading at $307.83, the token appreciated by 2.11% in the last 24 hours and 9.65% in the last week. This growth brings its market capitalization to $797.16 million with a trading volume of $18.9 million in the last 24 hours.
Gnosis, (GNO) focuses on building decentralized infrastructure on Ethereum for the Ethereum ecosystem. Founded in 2015, it initially focused on prediction markets but has expanded to create supporting infrastructure such as Gnosis Safe.
Operating as a decentralized autonomous organization (DAO), Gnosis provides decentralized application and product infrastructure to drive ecosystem governance. In November 2021, the xDAI and GnosisDAO communities voted to merge, creating Gnosis Chain, a companion to Ethereum that addresses scalability challenges through strong engineering.
GNO’s recent price increase can be attributed to the launch of their updated deposit user interface. This new interface includes features such as the automatic claim function and expanded support for additional wallets including WalletConnect and Coinbase
Wallet and compatibility with both Chiado and Gnosis Chain. The update, along with the UI rebrand, likely increased investor confidence and interest in Gnosis, driving the price higher.
3. Jersey (LINK)
Chainlink (LINK) is outperforming Bitcoin in terms of performance with a price of $16.94 at the moment. The token registered a growth of 2.10% in the last 24 hours and a gain of 28.86% in the previous week. Chain shirt It has a market capitalization of $9.9 billion and a 24-hour trading volume of $738.9 million.
Chainlink is a blockchain platform that connects smart contracts to external data sources, events, and payment methods through a decentralized oracle network. Enable complex smart contracts by providing off-chain information.
Chainlink is supported by an open source community of data providers, node operators, developers, researchers and auditors, ensuring decentralized participation of all users of the network.
LINK saw a price increase following the release of the DTCC Relationship. The world’s largest settlement system, the Depository Trust and Clearing Corporation (DTCC), together with blockchain oracle Chainlink, have completed a pilot program with several major US banks, to promote the tokenization of traditional financial funds.
Conclusion
Although Bitcoin’s performance remains stable, Ethereum altcoins like Pendle, Gnosis, and Chainlink are grabbing attention with their impressive gains. These tokens exemplify the dynamic and rapidly evolving nature of the cryptocurrency market, offering investors diversified opportunities beyond Bitcoin.